What Keeping The Marital Home Might Mean For Your Divorce

 Posted on February 17, 2025 in Division of Assets

The marital home might be one of the most coveted items in your divorce. You might have good reasons to want to keep your house, such as sentimental value or wanting to keep young children in the home. However, if you are given the marital home in a divorce, you should know of the potential risks and liabilities. A skilled Illinois divorce attorney can advise you on the best course of action and advocate for your right to a marital home.

At Calabrese Associates, P.C., we have experience handling asset division cases involving real estate. We can represent you in negotiations for a fair divorce settlement, regardless of whether or not you get the marital home.

Refinancing The Mortgage

If you and your spouse both put your name on the mortgage, you will likely have to refinance your loan after your spouse moves out. A refinanced mortgage will take your spouse’s name off of the loan and cut him or her loose of any financial responsibility. To get approved for a new mortgage, you will have to file another loan application, which will entail a credit check.

If the lender is confident about your ability to pay back the mortgage, the refinancing will likely be approved. However, if your application is denied, keeping the marital home may be unsustainable for your long-term finances. 

Asset Division

Illinois is an equitable distribution state when it comes to property division in a divorce. This means that your marital property will be split fairly, not necessarily split down the middle. If you manage to get the marital home – a significant asset – you may have to make major compromises in other areas.

You will likely "buy out" your spouse’s interest in the home to make the division fair, meaning that, as part of a negotiated divorce settlement, your spouse will keep other marital property like your shared investments or savings. Whatever the case, do not assume that you are getting the marital home ‘for free.’ Even if you keep the house, you will end up paying for it in asset division.

Spousal Maintenance

In Illinois, maintenance is a legal measure to protect a spouse who needs it after a divorce. If you are awarded the marital home in a divorce, your spouse may be at a disadvantage while looking for a new place to stay. 

As a result, a judge may find it appropriate to award your ex with spousal maintenance. Spousal maintenance might only last for the duration of the divorce proceedings, or it could be extended for years. At Calabrese Associates, P.C., our family law attorney can help you negotiate a favorable settlement so that you are not overburdened by maintenance payments.

Meet With a DuPage County, IL Divorce Lawyer

Keeping the marital home in your divorce can provide you with comfort and continuity as you transition out of your marriage. At Calabrese Associates, P.C., we will provide you with sound legal advice during your divorce, as we can anticipate and maneuver around problems related to your marital home. To schedule a free consultation with our Naperville, IL family law attorney today, call our offices at 630-393-3111.