Going through a divorce can naturally present a variety of challenges, both emotional and financial. Unfortunately, when people are caught up in the emotions of the dissolution of a marriage, it can be difficult to approach a settlement from a logical standpoint. One common settlement pitfall during divorce in Illinois is deciding whether to keep the marital home.
The marital home is often one of a married couple's largest joint assets. Some people do not want to be uprooted from their home and are reluctant about inflicting change on their children, who might already be struggling to handle the divorce. Other people are simply attached to the family home after having lived there for many years.
Many people getting divorced, however, may find that it is difficult for them to keep making the house payments with just one income. It can also be challenging to maintain the house on their own. Another issue involves any potential tax consequences, particularly with regard to capital gains, if and when the home is sold. For these reasons, keeping the family home following a divorce may not ultimately be the best choice.
The process of splitting marital assets and property during a divorce can be complicated and overwhelming. However, appropriate legal guidance may help people to make financial decisions that will benefit them in the long run. Anyone getting divorced in Illinois has the right to fight for his or her best interests while working toward a equitable solution with the other party. In doing so, it is helpful to fully investigate any possible settlement in terms of immediate needs and long-term goals.
Source: USA Today, "5 biggest divorce mistakes financially", Wendy Spencer, March 7, 2015