How Divorce Affects Real Estate in Illinois

Jul 12, 2022 | Divorce, Divorce Attorney, Real Estate

Real Estate Attorney in Rockford, IL

Are you considering a divorce in Illinois? Real estate, especially your marital home, is often a significant asset requiring careful consideration. In Illinois, property division follows equitable distribution laws, which does not necessarily mean a 50/50 split, but rather a fair distribution based on various factors. Our team of real estate lawyers handles issues relating to property valuation, mortgage responsibilities, and tax implications, which require detailed examination to protect you from future complications

Entrust your case to a competent attorney specializing in real estate. The goal for our clients is to secure peace of mind and optimize your chances of achieving the most favorable outcome.

What happens if I have real estate property during a divorce in Illinois?

Equitable Distribution of Property: 

Illinois law ensures a fair, not necessarily equal, division of marital property. Your lawyer should understand key factors impacting the division, like contributions during the marriage and current value.

Valuation Expertise:

Accurate valuation of the real estate property is vital. An equipped lawyer can guide you through appraisals and ensure fair market value is of the strongest consideration.

Strategic Options: 

There are alternatives for the division of property and real estate in a divorce. A few include the outright sale of the property, one spouse to buy out the other, or even co-ownership (Which has its advantages and disadvantages).

Tax Implications: 

Dividing real estate can have tax consequences in a divorce. Potential tax liabilities do present challenges if not considered during the divorce proceedings. The goal is to minimize their impact with a proactive stance.

One of the most common questions in a divorce is, “Who gets the house?” or, “What is going to happen to the house?” Click the link below to see how your real estate property may be affected during divorce.