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Wheaton Real Estate Division in Divorce Lawyer

Attorney for Dividing the Marital Home During a Divorce in DuPage County

Warrenville Property Division Attorney

Determining how to divide marital property can be one of the most contentious and complicated aspects of divorce, and one of the most important pieces of property to be divided is the marital home (or any other real estate the the spouses own). The value of real estate that will need to be divided in divorce is known as its equity, which is determined by establishing the market value of the house (usually done with the aid of a real estate appraiser), then subtracting debts such as the remaining amount of the home's mortgage and any taxes that are owed.

Options for Dividing Real Estate

Following the determination of the home's value, spouses will work to come to an agreement on how to divide the equity. Typically, divorcing couples choose one of three options when dividing real estate:

  • The house is sold, and the spouses divide any profit from the sale.
  • One spouse purchases the other spouses share of the house, either with cash or by granting them a larger share of any other marital property.
  • One spouse continues living in the house for a specified time period, after which they "buy out" the other spouse's share of the house or the house is sold and the profits from the sale are divided between the spouses. This option is often used to allow a custodial parent to continue living in the marital home until children have graduated from high school.

If spouses are unable to reach an agreement on how to divide the equity of real estate, the judge for their divorce case will make a ruling, attempting to divide the property equitably between the parties. If one party is awarded ownership of the house, the other party may be awarded a larger share of other marital property in return.

Commingling and Transmutation of Real Estate

Real estate is considered marital property that is subject to equitable division if it was acquired while the parties were married. Property acquired by one spouse prior to the marriage is considered non-marital property that is not subject to division. However, spouses' non-marital assets often become commingled, in which case they may be transmuted into marital property.

For instance, if one spouse owned a house prior to the marriage, but both spouses contributed toward the home's mortgage payments, maintenance, and upkeep during their marriage, some or all of the house's equity may be considered marital property, or the spouse who owns the house may be required to reimburse the other spouse for their contributions toward its equity.

Legal Assistance with the Equitable Division of Real Estate

Determining how to divide the equity of real estate can often be one of the most complex and heated aspects of a divorce, since a family's home can have a great deal of financial and emotional value to both parties. When working to reach a settlement for the division of property, you need an experienced attorney on your side who can help you understand your rights and draft an airtight agreement that eliminates any possibility of ambiguity.

At Anderson and Associates, P.C., our skilled divorce attorneys have over 30 years of experience helping our clients reach fair and equitable marital property settlements. We understand the complexities of dividing real estate, and we can work help you negotiate an agreement that will protect your financial stability. Contact a Wheaton divorce lawyer at 630-653-9400 for an initial consultation. From our DuPage County office, we serve clients in Glen Ellyn, Naperville, Warrenville, Winfield, West Chicago, and Glendale Heights.

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