Full question:
My wife and I are getting a divorce. We were married for over 6 years. We both think that we rushed into the marriage without thinking it through. Both of us are practicing physicians in Springfield and have tie ups with quite a few hospitals in the city. We had bought a house together putting in an equal share of the money. When divorce came into the picture, both of us agreed that we are not selling the house. What other options do we have?
- Category: Divorce
- Subcategory: Property Settlements
- Date:
- State: Illinois
Answer:
In a divorce, spouses who own a marital home typically have three options:
- Sell the home and divide the proceeds equally.
- One spouse can buy out the other's share of the home.
- Both spouses can agree to co-own the home either for a set period or indefinitely.
Since you both prefer not to sell the house, you can either buy out each other's share or co-own it. In Illinois, marital assets are divided equitably, not necessarily equally, as per 750 ILCS 5/503. This means the court will consider various factors to ensure a fair division.
Additionally, agreements made between spouses regarding property division are supported by 750 ILCS 5/502. This law encourages amicable settlements and allows you to create a written agreement about the disposition of your property, maintenance, and support. Such an agreement is binding unless deemed unconscionable by the court.
Overall, you have the flexibility to negotiate terms that work for both of you, and the court will uphold those terms as long as they are fair.
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.