The family home is often a married couple’s biggest asset. For this reason, it is not uncommon in divorce proceedings to want to keep the family home in place of other marital assets. However, one of the most important factors to consider when deciding whether to keep or sell the marital home is the property’s affordability.
Affordability of marital home after marital breakup
In many situations, homes that are affordable for married couples may be too expensive for one of the parties to continue to pay for on one income. This is because homes usually come not only with mortgage payments but also utilities and property taxes. And then it is important to add general upkeep and maintenance costs.
Sometimes, the liquid marital assets that a person gives up in exchange for the family home could gain value more quickly than the house does. These assets could have also provided more cash flow and liquidity long term. Meanwhile, the house is an illiquid asset, so the individual cannot readily rely on it to cover future expenses. Considering this, it may be necessary to make adjustments to savings and spending goals down the road.
How an attorney can help
Navigating divorce proceedings such as property distribution and debt division can be challenging financially, emotionally and legally. A savvy family law attorney in Illinois can help a client to make personally favorable decisions during the negotiation process. The attorney will fight for a fair and comprehensive settlement for the client, ensuring that the individual’s rights and best interests are protected every step of the way.