Lombard, IL Divorce Lawyers for Real Estate

Dedicated Attorneys Helping Divorcing Spouses Divide Real Estate in Lombard, Illinois

Real estate property is a central issue in many divorce cases. A couple will need to determine how to handle their family home and any other properties they own. Disputes over these matters can be emotionally challenging, and the decisions made can have long-term financial implications. In a high net worth divorce, the property division process may be especially complex, as couples may own multiple properties. Legal representation can be crucial to help ensure that issues related to real estate property will be handled correctly.

At A. Traub & Associates, we provide comprehensive legal guidance for clients in Lombard and DuPage County, making sure they take the correct steps to address real estate and other assets during the divorce process. Our attorneys understand the financial and personal concerns that may affect these cases, and we work to protect our clients' interests while minimizing conflict whenever possible.

Key Considerations When Dividing the Family Home

The marital home is an important asset that will need to be addressed during the divorce process. Beyond its monetary value, both parties are likely to have memories of their life in the home, and they may want to determine how they can maintain stability for their children. When determining how ownership of the home should be addressed, several important factors will need to be considered, including:

• Marital vs. Non-Marital Property: Any assets that a couple has acquired during their marriage are typically considered marital property. Even if only one spouse's name is on the title to the home, they will both be considered to be the owners. If one spouse owned the home before getting married, the property may be considered non-marital. However, any contributions made to the home during the marriage, such as mortgage payments made using marital funds, may need to be addressed during the divorce process.
• Children's Needs: When determining who should own the family home, parents may need to consider what solutions will protect their children's best interests. To help children maintain stability and avoid disruptions to their lives, the parent with the majority of the parenting time may wish to continue living in the home.
• Affordability: If one spouse will maintain sole ownership of the home, they will need to make sure they have the financial resources necessary to do so. They must be able to afford mortgage payments and other ongoing expenses, including utilities, maintenance, and property taxes.

Our attorneys help our clients weigh these considerations and determine the right approach to take as they make decisions about property division. We will work to find solutions that will allow our clients to meet their financial needs while providing for their children's best interests.

Other Real Estate Assets in High Net Worth Divorces

In cases where a couple has significant wealth, additional types of real estate property may need to be addressed, such as:

• Vacation Homes: Second homes or seasonal residences often require special consideration due to the potential tax implications and other financial factors.
• Rental Properties: Investment properties may generate income that must be accounted for when making decisions about property division. In some cases, income earned through these properties may factor into decisions about spousal support.
• Commercial Properties: Offices, retail spaces, or other business-related real estate may need to be appraised and divided in a way that will protect each spouse's financial interests.
• Land Holdings: Undeveloped land or agricultural property can carry significant value, and professional valuation may be required to ensure that both spouses understand how to handle these assets.

Options for Dividing Real Estate Property

When making decisions about the ownership of real estate, it is important to consider the type of property being addressed, the financial positions of both spouses, and the best ways a person can achieve their long-term goals. Options for dividing real estate property may include:

• Sole Ownership: A spouse may buy out their former partner's share of the equity in a property and refinance the mortgage in their name.
• Sell the Property: If neither spouse wishes to keep a home or other property, or if sole ownership will not be financially feasible, selling the property and dividing the proceeds may be the best option.
• Co-Ownership: In some cases, spouses may agree to retain joint ownership of a home or other property for a period of time. This may be a solution that will allow children to continue living in the family home until they graduate from high school. Couples may also choose to maintain co-ownership of investment properties so that they can continue splitting the income earned. This option requires a high level of cooperation and clear agreements regarding each party's responsibilities.

Contact Our Lombard, Illinois Divorce Attorneys for Real Estate Property

Determining how to handle ownership of real estate during divorce can be complicated. At A. Traub & Associates, we work with clients to address these important issues and help them find solutions that will meet their ongoing needs. Contact our Lombard divorce and real estate lawyers by calling 630-426-0196 and scheduling a consultation.