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Tinley Park Division of Real Estate Divorce Lawyer

Palos Heights divorce property division attorney

Attorney Helping Divorcing Spouses Divide Their Marital Home in Orland Park

Spouses who decide to dissolve their marriage through divorce must address a wide variety of legal issues, and the division of marital property can be an especially contentious area of concern. When a couple owns a marital home or other real estate property, either together or separately, determining how to divide the marital portion of property can be a complicated undertaking. At Anderson and Associates, P.C., our divorce lawyers are experienced in negotiating and resolving matters related to the valuation and division of real estate, and we can ensure that your rights and interests are protected as you work to reach a favorable resolution in your divorce case.

Valuation and Division of Real Estate

In order to equitably divide real estate property, it must first be properly valued. This often requires the assistance of a real estate appraiser, who can determine a home's market value. The equity which a couple owns in their home is determined by subtracting debts, including the outstanding mortgage and any taxes owed on the property, from this market value.

When dividing the equity of a marital home, spouses typically use one of the following options:

  • The home is sold, and any profits made in the sale are split between the spouses.
  • One spouse remains in the home and purchases the other spouse's share of the equity, either by making a cash payment or by granting ownership of other marital assets.

If a couple is unable to reach an agreement on ownership of their marital home, the matter will be left up to a judge to decide. In some cases, a spouse may be allowed to continue living in the home for a certain period of time (after the couple's children have reached a certain age, for example), after which the home will be sold or one spouse will purchase the other spouse's share of the home's equity.

Marital and Non-Marital Real Estate

When a couple acquires a home after their marriage, it is considered marital property and subject to equitable division. However, the matter can become more complex when one spouse owned real estate prior to the marriage or received property as a gift or inheritance. While this property is considered non-marital property, and thus not subject to equitable division, it can become commingled with marital property in some circumstances, such as when both spouses contributed to a non-marital home's mortgage payments during their marriage. In these cases, the court may decide to convert commingled property to marital property, or a spouse may be required to reimburse their former partner for the contributions they made to non-marital property.

Contact an Orland Park Divorce Attorney

Equity in a marital home is often one of the most valuable assets owned by divorcing spouses, and determining how to divide this and other property can be a difficult matter to resolve. The skilled, experienced attorneys of Anderson & Associates, P.C. can work with you to determine the correct value of your marital home and advocate for your interests as you work to reach a fair and equitable decision over how to divide your marital property. Contact our Tinley Park division of marital property lawyers today at 708-226-9904 to schedule a consultation. We provide legal help to clients in Mokena, Homer Glen, Palos Heights, and throughout Cook and Will Counties.

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