Home Ownership and Divorce
Going through a divorce can bring up a lot of questions. One of the first ones is “what are we going to do about the house?” An Edwardsville, IL home is not only a couple’s largest asset, but it is also an asset that has the most emotional attachment. Both you and your spouse decided that this is where you were going to spend your happiest of times and build a life. The emotional attachment to a home can make it almost impossible to let go of and assign value to it. The personal significance of a house can make it the bane of property division negotiations. Here are several common ways that a home is properly settled in a divorce.
Putting the House up for Sale
If neither you nor your spouse wants to stay in the home or cannot afford to stay in it, you may want to put it back on the market to try to get the best price for your home. This can be hard, as for most families moving out seems very final. It can oftentimes feel easier to have the money from the sale, rather than own a large asset that reminds them of the divorce.
A Buyout of the Home During the Divorce
When a spouse releases his or her interest in the house, in exchange for cash or the promise of being paid in the future, this is called a house buyout. This happens in instances where the main caregiver of the children wants to stay in the home with the children. There are a lot of details that come along with a buyout. You will want to make sure you work with a negotiator that can advise you on this difficult decision.
Co-Ownership of the Home
If neither of the previously mentioned options works for your situation, you may want to consider co-ownership. Co-ownerships require a clearly defined predetermined amount of time. This will redefine your relationship with your spouse, as you will now have a more “business” type of relationship with being “co-owners” of your home.
If you are looking for assistance on how to deal with your Edwardsville, IL home as you are going through a divorce, our team is here to help. Give us at Elovitz Law Office a call today, and we will be able to get you the answers you need.