Going through a Divorce in Illinois…Can I Sell the House?
Home ownership is huge. One of many married couples most memorable accomplishments. However, selling a house is huge, too. Especially, during a divorce in Chicago.
For most, a couple’s biggest asset is their home. As such, the title and a mortgage is usually shared by the couple. This often becomes a bone of contention in a divorce. Going through a divorce can be emotionally taxing and attitudes may flare.
After being unhappy for a period of time, one party usually moves out of the home. When separation is ripe, arguments may arise over who is going to stay in the house and who is going to pay the mortgage. Whichever party stays in the house will be expected to make mortgage payments, while the other may not be required to pay for any costs associated with the home while not living in the home. Neither party may jump to sell the home alone. Selling the marital home will always be a joint project.
This type of situation can go on for at least two years. Just imagine the emotional turmoil. Couples can avoid this by filing a motion to sell the marital residence. Illinois statute allows a court to “make judgments affecting the marital property, and may enforce such judgments by ordering a sale of martial property, with proceeds therefrom to be applied as determined by the court.” 750 ILCS 5/503(i). Of course, if the home is not deemed to be marital property, this doesn’t apply and the home can be sold whenever by the rightful owner.
To expedite the process, if either party wishes to keep the home, that party would need to offer a settlement shortly after the motion is filed. When both parties want the home, the home will usually be sold and the profits divided.
When a couple can’t agree, the court will appoint a real estate agent to sell the home. If it’s possible for both parties to agree on a realtor and selling the house, you should check out a qualified local realtor. Realtors should offer superb services and handle these situations with care. The court will likely also decide how the home will be sold to ensure the process doesn’t take an extravagant amount of time. After the sale of the home the proceeds will be held until the final division of marital assets is made.
If you have questions about selling your marital home during a divorce call a Chicago divorce attorney today for a free consultation.