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Real Estate and the Sale of the Marital Residence in Divorce
When parties are divorcing, there can be an issue in regard to the marital home. If neither of the parties intends to stay in or wishes to receive the marital home as part of the dissolution of marriage proceeding, they could agree to list and/or to sell the marital home during the pendency of the divorce proceeding. If the divorce case is over, and the marital home still has not yet been sold, the parties could divide, in a Marital Settlement Agreement and/or pursuant to a Judgment of Dissolution of Marriage, how to handle issues in regard to the sale of the marital residence, including, but not limited to, the current real estate listing, any future listings, sales price, offsets or deductions and how to distribute net sales proceeds once any sale may close.
In dividing property, the Illinois court considers all relevant factors including the contribution of each party to the value of the property, particularly the contribution of a spouse as a homemaker, the value of the property distributed to each spouse, the length of the marriage, the financial situation of each spouse when the property is divided, (such as the need to give the family home to the spouse who has custody of the children), any obligations and rights arising from a prior marriage of either party, the age, health, station, occupation, income, vocational skills, employability, estate, liabilities, and needs of each of the parties, the custody of any children, and the reasonable opportunity of each spouse for future acquisition of capital assets and income.
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