Cook County Divorce Attorney for Division of Real Estate

Lawyers Help Address Ownership of Marital Homes and Vacation Homes in Oak Park

In a high net worth divorce case, spouses may feel overwhelmed with the avalanche of legal and financial issues that must be resolved. One common issue that may arise in these cases is ownership of real estate, and marital homes, vacation homes, or other properties. These are often among the most valuable assets that must be divided during divorce and representation from an experienced attorney is crucial.

The lawyers of Wakenight & Associates, P.C. have over 95 years of combined family law experience, and we are well-versed in the issues involved in complex and high conflict divorce cases. With our help, you can rest assured that your financial interests will be protected as you work to reach a resolution to your divorce.

Division of Real Estate Properties

Any assets acquired by either spouse over the course of a marriage are considered marital property, and under Illinois law, all marital assets should be divided between divorcing spouses in a fair and equitable manner. Marital real estate property that will need to be divided may include:

• Marital homes - One spouse may wish to retain ownership of the couple's primary residence, either out of sentimental reasons or in order to allow children to remain in their schools. In these cases, the other spouse may be allocated a larger share of other marital assets in return for their share of the home's equity. Alternatively, spouses may choose to sell the home and divide any proceeds from the sale.
• Vacation homes - Any other homes owned by a couple are also considered marital assets if they were acquired during the marriage. In cases where a spouse acquired a property before getting married, this home will typically be considered separate property rather than marital property. However, if the other spouse made any contributions that increased the value of this property, they may be entitled to receive reimbursement from their former partner.
• Commercial or residential real estate investments - Real estate properties owned by either spouse and rented to commercial or residential tenants can be valuable business assets that provide an ongoing income. The assistance of a real estate appraiser can help determine the value of these business interests to ensure that they are fairly divided. It is also important to be aware of the possibility that these types of properties may be used to conceal marital assets or income, and a forensic accountant can help uncover any hidden assets.

Divorcing spouses should also be aware of the tax considerations involved in the division of real estate and other property. The owner of a residential or commercial property will be required to pay property taxes, and the sale of any real estate properties may result in capital gains taxes being owed.

Contact Our Chicago High Net Worth Divorce Lawyers

If you have a strong attachment to your marital home or vacation home, you may want to ensure that you are able to retain ownership of this property during divorce. However, no matter whether you wish to keep or sell any real estate property you own, it is important to ensure that your rights and financial interests are protected. Our attorneys can address your concerns in these matters and act as your legal advocate throughout the divorce process. Contact our office at 708-480-9651 to arrange a free consultation today. We assist with complex property division matters in Oak Park, Maybrook, Skokie, Chicago, Elmwood Park, Cicero, River Forest, Berwyn, Riverside, Forest Park, and throughout Cook County.