How Will Property Division Impact What Happens the Family Home?
It is natural to have concerns regarding the fate of marital property in a divorce. Illinois readers who are considering divorce or are already involved in the process of ending a marriage should carefully consider the benefits of keeping certain marital property, including the family home. When navigating issues concerning property division, it is beneficial to work with an experienced legal ally.
Many people wonder if they should keep or sell the family home during a divorce. There are many emotional issues to consider in this matter, and such a valuable asset could be the source of disputes between parties. Before making any decisions, a person should evaluate the financial impact of retaining the family home after divorce.
If the house is in a growing area and there is increasing value in the property, it could be beneficial to sell the home. Some people may not be able to afford the home with just one income, and the tax burden could prove to be unmanageable. In some divorces, it may be possible to use the family home as a negotiation tool, perhaps exchanging the home for other assets or more financial support.
The financial aspects of a divorce can be some of the most emotionally charged issues that must be resolved. Property division will impact a person for years following the finalization of a divorce, so it is important to seek knowledgeable counsel before making important decisions regarding valuable property or finances. By seeking knowledgeable legal counsel, an individual in Illinois can make practical and beneficial decisions during his or her divorce.
Source: The Huffington Post, “Keep or Sell the Family Home During Divorce?“, Nancy Kay, March 1, 2016
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