In Illinois, real estate is divided equitably during a divorce, often requiring appraisals to determine its value.
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Understanding Real Estate Division in Illinois
Illinois follows the principle of equitable distribution, which means marital property, including real estate, is divided fairly but not necessarily equally. Real estate acquired during the marriage is generally considered marital property unless excluded through a prenuptial agreement or classified as non-marital property.
Legal Context for Real Estate Division
Under the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/503):
Marital Property Includes:
- Real estate purchased during the marriage, regardless of whose name is on the deed.
- Properties improved with marital funds or labor during the marriage.
Non-Marital Property Excludes:
- Real estate acquired before the marriage.
- Properties obtained as a gift or inheritance.
- Real estate excluded through a prenuptial agreement.
Key Factors Courts Consider:
- The financial contributions of each spouse.
- The needs of each spouse and any children.
- The value of the property and its associated debts.
- The potential impact of selling or retaining the property.
Steps to Divide Real Estate in a Divorce
- Identify Marital and Non-Marital Properties
Determine which properties are subject to division based on their classification. - Appraise the Property
Hire a professional appraiser to determine the current market value of the real estate. - Decide on Division Methods
Options may include:- Selling the property and splitting the proceeds.
- One spouse buying out the other’s share.
- Co-owning the property temporarily (e.g., until children reach adulthood).
- Address Associated Debts
Determine responsibility for mortgages, taxes, and other real estate-related debts. - Incorporate into the Divorce Decree
Ensure the division terms are clearly outlined in the final divorce agreement.
How Attorneys Can Help
An experienced attorney can:
- Classify real estate as marital or non-marital property.
- Coordinate appraisals and ensure accurate property valuation.
- Negotiate buyout terms or other equitable solutions.
- Address disputes over ownership or debt responsibility.
Need Help Dividing Real Estate?
Call (630) 366-1760 to consult with a family law attorney experienced in property division. We’ll help protect your financial interests and ensure a fair resolution.
Disclaimer: This page provides general information and is not intended as legal advice. For personalized assistance, consult a licensed attorney.
