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Wakenight & Associates, P.C.

1100 Lake Street, Suite 120, Oak Park, IL 60301

DuPage County | 630-852-9700

Mokena | 815-727-6144   Oak Park | 708-848-3159

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Elmhurst Divorce Lawyers For Division of the Marital Home

Oak Brook Divorce Attorneys for Handling the Marital Home

Asset Division Attorneys in Oak Brook, Addison and Lombard

A divorce is a major undertaking. As such, the decision to end your marriage should not be taken lightly. Throughout the divorce process, you and your spouse will need to address a large number of issues. With so much to consider, it is understandable that you might feel stressed out, overwhelmed, and uncertain about where to begin. Fortunately, the team at Wakenight & Associates, P.C. is equipped to help you.

Why the Marital Home Matters So Much

Dividing marital property is an important part of any divorce, but there are some assets that require special attention. The marital home, in particular, is often a point of dispute for many couples because it represents more than money. For many families, the marital home is the single biggest investment they have ever made or will ever make. Such a home, however, is more than just a piece of real estate. The family home is essentially a part of your family's story, which means that it has a great deal of intrinsic and sentimental value. As far as the law is concerned, your marital home may also be considered a source of stability and security for your children, if you have any.

Under Illinois law, each spouse in a divorce is entitled to receive an equitable share of the marital estate. The marital home, however, often makes up a substantial portion of the marital estate, which can make the division of property process rather difficult. In some cases, there may be more value in the marital home than in the rest of the couple's assets combined. At Wakenight & Associates, P.C., our skilled family law attorneys can help you determine the best way to handle the marital home in your divorce so that you can begin focusing on the happier future that lies ahead.

Dividing the Marital Home in DuPage County and Kane County

Before your marital home can be considered for division, it must be assigned a reasonable value by a properly trained real estate appraiser. Our firm maintains a large network of experts, including real estate professionals, who can help with your case. Once you know how much the home is worth, you will have several options regarding how to incorporate the home into your divorce settlement. Depending on your circumstances, you could:

  • Sell your home and divide the proceeds equitably;
  • Negotiate a buyout, through which one spouse could keep the home and the other would receive a larger share of the other marital assets;
  • Structure a settlement in which one spouse keeps the home and makes ongoing payments to the other spouse over time; or
  • Continue to own the home jointly with your spouse for a set amount of time, then selling the home at a future date.

Our attorneys will work closely with you in developing a strategy for managing your home in your divorce. If you wish to stay in the home, we will help you find the means to do so. If you are content to sell the home or to allow your spouse to keep it, we will ensure that you are compensated properly. No matter what challenges may arise, our experienced lawyers will help you overcome them.

Schedule a Free Consultation Today

If you have questions about how your family home will be affected by your divorce, contact our office to get the answers you need. Call 630-852-9700 for a free, confidential consultation today. Our team represents clients in Elmhurst, Oak Brook, Villa Park, Addison, Lombard, La Grange, Western Springs, DuPage County, Kane County, and the surrounding areas.

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