Division of Real Estate
The divorce process typically raises questions about property division, which may involve real estate. At the Law Offices of Nick Kulagin, our dedicated family law lawyers understand how to assist individuals throughout DuPage and Kane Counties in safeguarding their interests. You can rest assured that we are committed to protecting your family, your home, and your business. With 15 years of experience, we offer knowledgeable legal advice from our offices in Wheaton.Dividing Real Estate between Former Spouses
When it comes to dividing real estate, it is essential to value the property accurately. A family home, a vacation home, undeveloped land, or income-producing property often comprises a large portion of a couple’s assets.
The first step in a property division issue is determining whether an asset is marital or non-marital property. Marital property generally includes any assets or debts acquired over the course of the marriage. The name in which the property is held does not determine whether it will be considered marital or non-marital property. If it was acquired over the course of the marriage, it typically will be deemed marital property in which both spouses have an interest, unless it was received as a gift or inheritance by one of the spouses. Similarly, if one spouse owned property prior to the marriage, but the other spouse made mortgage payments or substantially added to its value through improvements, it may be deemed marital property.
Illinois uses an equitable division system. This means that marital property must be divided in a way that is considered fair, rather than exactly evenly. When deciding on a fair distribution, the court may examine a number of factors, including the length of the marriage, each spouse’s age and health, each spouse’s education and earning potential, any child custody arrangements, any prenuptial agreements, and the tax consequences of property division.
The family home of a couple involves some unique considerations. One of the key factors considered by the court when determining which spouse keeps the family home is which spouse has primary custody of the children. If the court decides it is in the best interest of the children to remain in the home where they currently live, the court will generally award the home to the parent who will have the children for the majority of the time. This award is often given on the condition that the home will be sold once the youngest child is 18 years of age.
In some cases, even if one spouse is given the home, that spouse might have to buy out the other spouse’s interest. In other situations, the higher-earning spouse may have to continue paying for the mortgage or insurance as part of a support order. These details will vary based on the couple’s needs and circumstances.
When dealing with real estate division in a divorce, the value of the property must be correctly decided. Typically, an appraiser estimates the fair market value of the property, based on recent sales of similar real estate. It is important to note that formerly the court valued assets as of the date of the trial. Under recent amendments to the law, however, the value of assets can be decided on a date that the parties choose, or a date set by the court.
Recent amendments to the Illinois Marriage and Dissolution of Marriage Act (IMDMA) also provide that the marital estate is terminated as of the date that the divorce petition is filed. Previously, unless a couple was legally separated, their income and acquisitions stayed marital property until the dissolution was complete.Consult a Lawyer in DuPage or Kane County for a Family Law Matter
When it comes to the division of real estate assets in DuPage or Kane County, it is advisable to explore your options with a divorce attorney who understands this area of law. Our team can aggressively advocate for your rights and work diligently to protect your interests. We take pride in keeping an open line of communication with each of our clients. We also represent individuals in Naperville, Hoffman Estates, Mount Prospect, and Oak Park, among other communities. Call us at 630-480-6399 or contact us online to set up a free consultation.