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Deciding if you should keep your home in Illinois

If you are divorcing in Illinois and neither you nor your spouse wants to keep the home, you can clearly sell it and split up the money that you make. This is by far the easiest way to do things, especially if you have a mortgage that neither one of you thinks you can pay on your own. However, what should you consider if you do want to keep it?

First of all, you're going to have to consider whether or not a fair split can be found without selling the house. It may be the most valuable thing that you own, so this can be hard. You may find that your spouse will be happy with the car, the boat and a larger portion of the wealth, though, or some other combination of assets that roughly equals the value of your home.

If not, you may have to consider buying your spouse out. If you have your own assets that do not have to be split up, you may be able to pay half of the money that would have been obtained in a sale to your spouse, thereby transferring full ownership of the home to you. In some cases, you can do this after everything else has been split up, by combining any money that you get with the additional money you can generate by selling your assets.

One thing to note is that your spouse simply has to agree, even if the division is not technically equal. For instance, though you may get more value out of the split, he or she may allow it in order to make the process as quick and stress-free as possible. Be sure that you know what legal steps to take while dividing up marital property.

Source: Huffington Post, "What to Do With Your House in a Divorce Case" Christian Denmon, accessed Jan. 29, 2015

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