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Dividing Real Estate in an Illinois Divorce

Posted on in Property Division

Wheaton divorce lawyersThe marital home is often one of the more valuable assets that couples must divide during a divorce. In addition, there may be other types of real estate involved (rental properties, vacation homes, commercial buildings, etc.). Learn how most types of real estate are handled and divided in divorce by reading the following sections. You will also discover how a seasoned lawyer can help to protect your interests along the way. 

Valuation of the Property 

Properties must be valued before they can be divided. There are three basic methods that parties may use: tax assessed value, market analysis, and appraisal. Know and understand the potential drawbacks and benefits of using each method and choose the one that best fits your situation. Also, since arguments and disagreements are common, consider hiring your own appraiser if you and your spouse settle on the third and final option. It is also important to remember that any real estate tied to a business may have a more complex valuation process. Discuss the matter with your attorney to learn more. 

Determine the Amount of Equity 

The equity of a property is the portion that you and your spouse “own.” It is configured by subtracting any liens or mortgages held against the property. If taking out an equity loan, this would be the amount that a lender would use. If selling the home, it is the amount that you and your spouse can expect to see once the sale is final (provided the home sells at value). This aspect of dividing real estate can make or break your settlement - especially if one party intends to retain the property once the divorce has been finalized. 

Divide the Asset 

Parties often assume that real estate must be sold before it can be divided, but this simply is not the case. If one spouse wishes to retain the property, they can “buy out” their spouse by giving up other assets with the same value (i.e. a retirement account). Alternatively, the property can be sold and the parties can split the proceeds according to the terms of their settlement agreement. In the end, the choice is entirely up to you and your spouse. 

How Our Wheaton Divorce Lawyers Can Protect Your Interests 

Whether you have just one property to divide or many, it is important to have a seasoned legal professional on your side, protecting your interests. Trusted throughout the DuPage County area, Davi Law Group, LLC has the knowledge and skills you want and need for your Illinois divorce case. Call 630-580-6373 and schedule a personalized consultation with our Wheaton family law attorneys to get started. 

Source:

https://www.aol.com/on/smart-ways-split-house-divorce/

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