What to Do with the Family Home when a Marriage Ends

Woodstock family lawyerAfter child custody matters, the division of property is often a major concern of divorcing couples. Their largest asset is usually the family home, but it could be difficult to decide what to do with the residence. Numerous emotional issues and other factors affect how to divide a home on a case-by-case basis. Our Crystal Lake family law attorney will discuss options with you, so you have the relevant facts.

Emotions and the Value of a Home

Assessing the value of a home is challenging, and different appraisals will likely reach different conclusions. The exact worth of a home is set when it is sold, but our Crystal Lake family law firm understands the reluctance of clients to part with their property. A home represents many emotional connections, including a safe haven, a status symbol and significance. The owners might have put a considerable amount of time and money into upgrading the home to reflect their personality. People are closely attached their residences and have many memories attached to the home. Placing a monetary value on those experiences and memories is very difficult. Our Crystal Lake family law firm works with individuals who are attempting to resolve the division of a home.

Finances and the Value of a Home

When a couple purchases a home, they usually do not view it as an investment. Investors look at how they can increase the value of the home, make the necessary improvements and sell the property. Instead, the couple usually spends money on the home. They insure it, pay interest, maintain it, pay taxes and spend other money just to keep the home running. If the couple bought the home together, one spouse will need to buy out the other party. In addition, the person will now need to spend money to continue the upkeep of the property. Our Crystal Lake family law attorney can help you decide if you can afford the home by yourself.

If you are wondering about what to do with the family residence during a divorce, call Michael Stetler at (815) 529-4554. Our Crystal Lake family law firm will provide you with valuable counsel, so you can make an informed decision.