Deciding whether to sell the family home is one of the biggest and most difficult decisions that a couple must make during an Illinois divorce. On the one hand, there may be memories attached to the home (which can be both a positive and a negative), and some parties may face challenges when trying to find a place of their own because they have been financially reliant upon their spouse. On the other hand, parties must be practical about their situation, which requires them to examine the pros and cons of either selling their home or keeping it.
Taking the First Steps
Before making any decisions, parties are encouraged to first determine the house’s value through an appraisal. Then determine what the home will cost the party who keeps it (be sure to include HOA fees, insurance, and upkeep in your assessment). Once armed with this information, parties can then decide whether keeping the home is a financially sound decision, or if it may end up being too cost-prohibitive for them. (Note that financial advisors discourage consumers from spending more than 25 percent of their total income on their home.)