West Chicago Division of Real Estate Attorney
Divorce Lawyer for Dividing the Marital Home in DuPage County
In Illinois, division of assets during a marriage dissolution is supposed to be “fair and equitable”. There are some assets, however, that are larger and more complex, making it more challenging to divide them equitably. Real estate property is among the most complicated marital assets, and when it comes to division of real estate, it is important to have a skilled divorce lawyer in your corner fighting hard to protect your interests.
At The Law Offices of Nancy Kasko, LLC, we have an in-depth understanding of marital property division during divorce and all related legal matters. Attorney Nancy Kasko handles each divorce and family law case personally, and she puts her extensive knowledge to work to give clients the personalized representation they deserve. Nancy has been through a contested divorce herself, and she knows how contentious and complicated issues such as division of real estate can get.
Nancy is a strong advocate for clients who are going through what she went through. She works closely with her clients, taking the time to fully understand their needs, concerns, and the unique facts of the case. Throughout the process, Nancy is by your side to provide support and encouragement. She also stays in regular contact to provide ongoing case updates, so you are always kept informed.
Division of Real Estate During Divorce
In Illinois, there are several different ways to have joint ownership of real estate property. The most common ownership arrangements are:
- Tenants in Common: This is the default arrangement if no manner of title is stated. Although owners may hold unequal shares, each owner has access to the entire, undivided physical property.
- Joint Tenancy: Can include multiple co-owners of a property with equal ownership and no relationship requirements.
- Tenants by the Entirety: Is only available for real estate that is jointly owned by married couples.
Regardless of the ownership arrangement, if the property was acquired during the marriage, it is most likely considered marital property for the purposes of fair and equitable asset division. One notable exception is if the property was received by one spouse as a gift or inheritance. However, even if the property was acquired prior to the marriage or by gift/inheritance, the court may still rule that it is marital property if other marital assets or joint funds were used to pay the mortgage and/or improve the property.
Assuming the real estate in question is considered marital property, properly dividing it may be challenging. If you and your spouse agree on who will keep the property, an accurate valuation is needed to ensure the other spouse is adequately compensated. If you are unable to come to an agreement on who will own the property, the court may order that the property be sold and the proceeds disbursed equitably between the two spouses. If there are non-exempt capital gains, however, the property sale could create unforeseen tax implications.
Speak with a Knowledgeable Warrenville Division of Real Estate Lawyer
If you are facing a divorce and there is marital real estate property involved, it is important to understand all potential financial implications going into the proceedings. Attorney Nancy Kasko has helped numerous clients with these issues, and she knows what it takes to avoid common pitfalls so you can emerge from your divorce in the best possible financial position. For a free consultation with attorney Kasko, contact our Warrenville office today at 630-836-8540 or our Wheaton office at 630-407-1665. We serve clients in Warrenville, Winfield, West Chicago, and Wheaton, Illinois.