When a married couple decides to divorce, there is often a difficult choice on whether or not to sell their home. A variety of factors will determine what the right course of action. These include the amount of equity in the home, each person's income and credit, and even market conditions. Retaining ownership can have a wide range of long-term consequences, so it's important to carefully consider this decision.
Home ownership during a divorce
Divorce for older couples can be more complex
When older couples in Illinois decide to get divorced, their concerns are different from younger individuals going through the same process. While many younger couples focus on custody and support issues, most older couples focus on upcoming retirement and financial security. Additionally, many older couples have more assets that they need to divide, and the way they can divide these assets is not always clear cut.
Tax issues can be important in property division
Taxes are something people may not like to think about. This can particularly be the case at a stressful time like a divorce. The reality though is that taxes can have significant impacts on important divorce issues. One such issue is property division.
