Illinois couples who are getting a divorce may need to think about what they will do with the family home. If they are not able to come to an agreement on the issue, a judge may make the decision, and the couple may have no recourse. A judge might decide to give the home to one person and a retirement account to the other. While the person who gets the home might be happy with this decision, it might not be the best outcome financially due to the cost of maintaining the home.
A judge may award a house to a spouse on the grounds that it was an inheritance or has been in the family for a long time even if both spouses are on the deed. The house might also go to the custodial parent because it provides a more stable environment for the child. A judge can also make the couple sell the home and split the proceeds although the split might be based on how much each individual put into the home.
Couples who make an agreement about property division between themselves might decide to remain in the home to raise their children there while one lives in a basement apartment or guesthouse on the premises. Parents might alternate living in the family home with only the children living there permanently.
During a divorce, people might want to work with an attorney to help ensure that their emotions do not overwhelm their ability to make sound decisions for themselves and their children. For example, ensuring that they get their share of the retirement account can be key to their long-term financial security. Furthermore, if they are able to work with the other parent to come to an agreement about child custody, they may be able to co-parent more effectively as well.