Dividing Home Equity
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Barrington Home Equity Division Lawyers

Dividing The Marital Home In Divorce

In a divorce, one of the most difficult decisions is deciding what to do with the marital home. Sometimes, one spouse wishes to keep the home and buys out the other spouse, and in other cases, the couple may decide to sell the home. Regardless of which option you choose, determining the home's value is crucial to ensure you obtain a fair property settlement.

For experienced representation in valuing and dividing real estate in divorce, contact the Barrington home equity division attorneys of Lucas Law. As a realtor and accountant, our firm's founding attorney Joseph M. Lucas has a deep understanding of the real estate market and property values in Illinois, making us uniquely qualified to handle your most complex property division issues.

Accurately Determining Your Home's Value

Under Illinois law, all marital property, including any equity in the marital home, must be divided equitably in a divorce. Equity is determined by subtracting the value of the home by any encumbrances such as a mortgage. If you and your spouse are unable to agree on the value of the home, our lawyers can help you determine its value. Working with financial experts such as appraisers and property valuators, we will help you with the complex financial calculations involved in determining its value.

There are many different ways to divide the equity in your home. If one spouse wishes to keep the home, he or she may swap other assets in exchange for the home's equity. We will work with the bank to refinance the mortgage and have the other spouse taken off the loan. If the home is sold, the proceeds can be divided. Additionally, the parties may agree to keep the home in both of their names and sell it in the future. If the home is underwater, your best option may be to sell your home in a short sale.

Contact Our Kildeer Marital Assets Attorneys

To learn more about home equity division in divorce, contact us online or call 847-381-8700.

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