Even if both parties are willing to cooperate, divorce can involve several complex legal steps, such as allocating property fairly. Of all the assets that a couple shares, real estate is often the most valuable and complicated to divide. If you and your spouse share a home and are pursuing a divorce, here’s what to expect regarding property division and how an experienced real estate attorney can help. 

What Happens to Real Estate During Divorce? 

Illinois follows “equitable distribution” laws when it comes to property division in divorce. With equitable distribution, the property is not necessarily split up equally. Instead, the court determines how much of the marital property each party is entitled to after considering various factors, such as the length of the marriage, each spouse's income, and each spouse's contributions during the marriage.  

Depending on the circumstances, a couple may sell the house and split the proceeds according to what the court deems equitable. In other instances, the house may be given to one spouse if there is reasonable evidence to deem it fair—such as in cases where a stay-at-home parent will be raising shared children in the house. It’s also possible that the court may allow one spouse to buy out the other to take full ownership of the property. 

How Can Real Estate Attorneys Help?

Real estate attorneys can help divorcing couples with several matters in a neutral fashion. 

Whether referring to terms outlined in mediation or through a pre- or post-nuptial agreement, these lawyers can advise on the pros and cons of selling. 

If you choose to sell and split the proceeds according to equitable distribution, your attorney can oversee the process to ensure it’s handled in a timely fashion and all funds are properly allocated. They can also advise on a sale price that’s acceptable for both parties. 

If a spouse buys the property outright, the attorney can help ensure each party’s interests are protected in the process and that all ownership is transferred correctly. 

If you own multiple properties that will be reallocated amongst each spouse, a real estate lawyer can help transfer ownership between all pieces of real estate.

If you have questions about divorce and real estate, consult with Larry J. Keller Attorney at Law. Based in Waterloo, IL, this attorney offers in-depth experience with divorce and real estate law in Illinois. With a fair approach, attorney Keller can advise on all aspects of property division, including selling shared properties and facilitating seamless transfers of ownership. To learn more about these services, visit this real estate attorney online. For a convenient consultation, call (618) 939-8999.