In Illinois, both spouses have a right to a fair share of any property considered marital property. In most cases, the marital home is considered marital property. It can be difficult to know what to do with your house or condo during divorce. Should you fight to keep the home in order to retain some sense of normalcy? Should you sell the home and use the proceeds to benefit your post-divorce life? Should one spouse buy out the other spouse’s share of the home? If you are unsure of what to do with the marital home during your divorce, ask yourself the following questions.
What is My Home Worth?
If you are getting divorced and you are unsure of how to address the marital home, the first step is to get the home professionally appraised. You cannot make a sound decision about what to do until you know what the home is worth.
Can I Afford to Keep the Home?
Once you know what your home is worth, you can start to consider what it would cost to maintain the home. Can you afford to maintain the house and yard? What about the property taxes, HOA fees, and insurance? Does the home have roof damage or other problems that will need to be repaired in the next several years?
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