Going through a divorce in Chicago, IL can be complicated and may even get messy when it comes to all of the decisions that have to be made when splitting up the assets and properties of the married couple.
Probably the largest piece of property that a married couple will own is their house. There may be disagreements on who keeps the house or how its value should be split up if it ends up being sold. Sometimes things can go smoothly, and you and your partner will be able to work things out easily. If not, divorce law in Chicago, IL has a few things to say about what actions should be undertaken in these scenarios.
Keep reading to see what you can do depending on your situation and what the best course of action might be for you.
Determine if someone is keeping the house or you’ll sell the house in the divorce
Each divorce in Chicago is unique, and every situation is based on the specific facts of your divorce. The first thing you’ll want to straighten out when it comes to your marital home is how it was acquired.
It’s quite common to see marital properties in Chicago, IL divorces belonging to both parties. This is usually due to the better mortgages that are available to married couples. If this is you, then chances are you’re going to end up selling the home at one point in the divorce. If one of you wants to keep the house, it has to be guaranteed that one party can buy out the other’s equity share.
If in case the house isn’t a marital property, meaning it was acquired before the marriage or belongs to only one party, the house won’t be sold until the divorce is finalized. In most of these cases, the house won’t be sold at all.
Process of selling a home in a divorce
When selling the house while going through a divorce in Chicago, the two parties must agree on the real estate agent that will handle the sale. If they cannot agree on the real estate agent, divorce law in Chicago, IL states that court will appoint the real estate agent.
If there are any costs that come before the sale of the house, like staging costs and the cost of any repairs that need to be done before selling, these expenses will be shared by both parties.
Once the house is sold, the money is kept in escrow until the divorced is finalized. This is usually handled by one of the divorce lawyers or maybe even the lawyer that handled the sale of the home.
Should we sell it before the divorce is finalized or wait?
There are two considerations when thinking of selling your home before or after the divorce is finalized.
The first consideration is the market. Divorces in Chicago, IL can take up to 2 years before it’s finalized. That’s a lot of time for the market to improve or worsen. Always check on the current state of the Chicago real estate market to see if it’s an opportune time to sell. Sometimes waiting for the divorce to finalize will only result in you getting a lower price when finally selling the home.
The second consideration is Capital Gains Tax. If you sell the home before the divorce is finalized, a larger portion of the proceeds will be exempt from capital gains tax. A single person pays no capital gains on the first $250,000 of gains from the sale. A married couple will pay no capital gains on the first $500,000 of gains, double the value of a single person.
The combination of market factors and capital gains can make it clear when you stand to gain more out of the sale of your home.
Make things easier with a professional home buyer
Once you’ve sorted out the details of your divorce in Chicago, IL and you’ve decided you’re ready to sell your home, make the process a whole lot easier by calling Onyx Homes LLC. We buy houses in Chicago, IL quick and easy – no realtors, no commissions, and no fees. Make the whole process simple and get a fair cash offer within 72 hours in just 3 easy steps. Sell your house fast with Onyx Homes LLC.!
