An Illinois home may be sold at the time of a divorce or a date that the couple deems to be appropriate. However, there are some instances in which keeping the home is a person’s top priority. This may be the case even if an individual doesn’t have children and simply wants the home due to its sentimental value. Determining how much the property is actually worth is the first thing that should be done.
Figuring out a home’s value may influence whether a spouse wants to be bought out. Ideally, the house will only be sold to a spouse if that person can afford to purchase it at fair market value. Further complicating matters is the fact that a couple may not necessarily want to split the home on a 50/50 basis. It is also important to consider the cost of maintaining the property.
There are many ways to come up with the money to purchase a home. For instance, it may be possible to sell assets or give the spouse who is selling the home a larger share of marital property, such as the money in a bank account. Those who don’t have liquid assets could choose to ask a bank to finance the purchase.
Individuals who are going through a divorce must figure out how to divide marital assets. This may be done through a prenuptial agreement or a similar type of arrangement agreed to after the marriage became official. Individuals may also opt to go through mediation to resolve this issue after the divorce proceedings start. An attorney may be able to review any agreement that was created before a marriage, during a marriage or as a result of divorce mediation proceedings.