Allocation of the Marital Residence
If you’re in the midst of a divorce proceeding, you may be wondering who, if anyone will be able to stay in the home. In Illinois, there are several different factors which determine who will be able to stay in the marital home, and throughout this difficult process it helps to be informed. Keep in mind in some instances, the family home is sometimes sold and the couple splits the proceeds.
Marital Property
One of the most important factors of determining who gets to stay in the family home is to determine who the rightful owner is, and if it is marital property. Likewise, marital property is anything that was purchased or significantly developed throughout the course of the marriage. Additionally, even if a home was purchased after the marriage, as long as the other spouse significantly helped with either repairs or the mortgage payments it is considered marital property.
Factors to Consider
When the court is trying to decide which spouse gets to remain in the family home, one of the most prominent factors is which party has primary custody of the children. Furthermore, if the court finds that the children’s best interest is to remain in the family home due to schooling, community, etc. the primary custodial parent may be awarded the property. On the other hand, this award may only be temporary at which time the house will be sold when the youngest child turns 18.
Even if one parent is awarded the family home, he or she may be ordered to buy out the other party. Likewise, the higher-earning spouse may be required to continue to pay the home’s insurance and mortgage payments as well depending upon the circumstances.
If you are seeking a divorce, the experienced Edwardsville family law attorney, Deborah Besserman can help. Deborah understands that caring and compassion for each case equals favorable results. Please contact Besserman Law Office today for a consultation regarding your potential divorce.
One of the most important factors of determining who gets to stay in the family home is to determine who the rightful owner is, and if it is marital property. Likewise, marital property is anything that was purchased or significantly developed throughout the course of the marriage. Additionally, even if a home was purchased after the marriage, as long as the other spouse significantly helped with either repairs or the mortgage payments it is considered marital property.
Factors to Consider
When the court is trying to decide which spouse gets to remain in the family home, one of the most prominent factors is which party has primary custody of the children. Furthermore, if the court finds that the children’s best interest is to remain in the family home due to schooling, community, etc. the primary custodial parent may be awarded the property. On the other hand, this award may only be temporary at which time the house will be sold when the youngest child turns 18.
Even if one parent is awarded the family home, he or she may be ordered to buy out the other party. Likewise, the higher-earning spouse may be required to continue to pay the home’s insurance and mortgage payments as well depending upon the circumstances.
If you are seeking a divorce, the experienced Edwardsville family law attorney, Deborah Besserman can help. Deborah understands that caring and compassion for each case equals favorable results. Please contact Besserman Law Office today for a consultation regarding your potential divorce.