Full question:
Can a divorced man (whose name is still on house) be entitled to any equity in it, even if he's been cleared of any financial responsibility for it in divorce settlement?
- Category: Divorce
- Subcategory: Property Settlements
- Date:
- State: Illinois
Answer:
The answer depends on the property distribution terms in the divorce decree. Typically, the ownership of marital property is determined during the property settlement phase of the divorce. If one spouse remains in the home, the deed is usually ordered to be quitclaimed to that spouse after debts are settled. Not following the deed transfer as ordered can result in a contempt charge.
Illinois follows an "equitable distribution" model, meaning property and debt division should be fair but not necessarily equal. The court considers various factors, including:
- The contributions of each spouse to acquiring and preserving property
- The dissipation of property by each party
- The value of property assigned to each spouse
- The duration of the marriage
- The economic circumstances of both parties at the time of property division
- Any prior rights and obligations from previous marriages
- Any prenuptial agreements
- The age, health, occupation, income, and needs of each party
- The custodial arrangements for any children
- Whether the division is in lieu of or in addition to alimony
- The future opportunities for each spouse to acquire assets and income
- The tax implications of the property division
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.