Getting Divorced, Getting Out of the House
In Illinois, with few exceptions, marital property is considered anything acquired by the parties during the marriage. This includes, but is not limited to, the family home and additional real estate.
With the troubled housing market in the United States over the last few years, many divorcing couples found themselves in an awkward situation. With little or no equity and no buyers, many divorcing spouses could not sell their marital home and split the profits, but were instead forced to stay together in the home waiting for the market to turn around. While divorcing spouses use to litigate over the equitable division of the proceeds, many now owe more than the property is worth, and so it is debt being divided not proceeds. Besides forcing some divorcing parties to remain physically in the house, even after the divorce, this situation often leads to foreclosures and short sales, which causes even more stress and hardship to an already difficult situation.
Yet, there may be change coming, as it appears the worst may be over for Illinois homeowners facing divorce. According to the Chicago Business Journal, “sales of existing homes in the Chicago-area soared more than 20 percent in February from a year ago, while prices rose nearly 4 percent.” This positive turn in the market means that the time may finally be right for divorcing and already divorced spouses to sell their family home and get out of the house with more than just debt.
Selling a home during divorce is only one of the many challenging processes divorcing spouses may have to go through. To help you better survive the challenges, one of the most important steps is securing the counsel of a highly qualified and competent divorce attorney on your side. If you or someone you know is considering divorce, contact one of Mirabella, Kincaid, Frederick & Mirabella, LLC's knowledgeable and dedicated family law attorneys today.
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