Those who are going through the divorce process in Illinois or anywhere else may want to keep the homes that they currently live in. The first step in securing sole ownership of a home is to determine its market value. This is important because it will determine how much the other spouse could be owed in a buyout. However, it is also important because the person who wants to keep the house must have the financial resources to do so.
People in Illinois who are considering keeping the family home in a divorce must first reach an agreement with their spouse about the value of the house and how much equity each person has in it. With this information, the spouse who wants to keep the home knows how much to pay the other spouse for it.
The rules dealing with child support in Illinois were revised in 2017. Judges in the state now look at the incomes of both parents after determining how much money is needed to take care of the child's basic needs. Prior to the 2017 law, only the income of the obligor was considered when child support decisions were made. However, obligors with child support orders that were issued prior to the new law's passage must still establish that either their circumstances or the needs of the child have changed significantly if they want the amount they pay each month to be reduced.
Illinois homeowners who are getting divorced may face several issues during the property division process. If one spouse keeps the home, the other should be removed from the deed. Otherwise, there could be problems later if an amicable divorce turns contentious and the owner wants to sell. Problems could also arise for both exes if the owner goes into foreclosure.
Over the past few decades, divorce rates among older adults have doubled. For most older couples ending a marriage in Illinois, circumstances are typically different than what's associated with divorces among younger partners. For instance, child support and custody often aren't part of the equation since children are usually grown. In many cases, the major issue for older soon-to-be ex-spouses is the division of retirement funds and other assets.