Determining when and if to sell the home during a divorce

It can be a challenge for divorcing couples in Illinois to divide their assets during their divorce settlement. Certain assets can be divided down the middle. Others, such as houses, automobiles, and properties, may not provide this option. On paper, selling assets and then splitting the proceeds 50-50 seems to be the best idea. However, there are circumstances, including personal attachments to items and family responsibilities, that may not make a 50-50 split right for some.

For some divorcing individuals, privacy is paramount. When there is a huge For Sale sign in front of the home, the neighbors and everyone around may suspect that something is happening. It may open up a conversation that the divorcing couple is not ready to have.

Some may think that one spouse getting the house is an automatic win. However, many quickly find that a house that was affordable when there were two incomes now becomes overly expensive when there is only one income. Emotional attachment, resentment, and sentiment may blind an individual to the benefits of selling certain assets and then using the proceeds to move forward.

One option that some divorcing parents have considered is nesting. This option is where instead of selling the house the divorcing individuals each find a secondary place to live. Their children stay in the house full-time. Then, depending on custody agreements, the parents will rotate when they live in the family home. Of course, this means that the divorced individuals will not only have the cost of maintaining the home, but they will each need to maintain their separate living locations.

Preparation is key to success. By establishing in advance want to do with the home, when to sell it, and when and if to sell furniture, a divorcing couple can ease the transition for themselves and their children. Family law attorneys can help clients in this situation by providing them advice on shared accounts, laws pertaining to property division, as well as questions connected to asset valuation.

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