During a divorce, it becomes quite difficult for a couple to decide whether to keep or liquidate the marital equity, especially their home. In most cases, spouses decide to sell the home and split the money, while in others, one spouse may keep the home by buying it out from the other spouse. No matter which option you choose, it is crucial to determine the value of marital equity in order to reach a fair property settlement.
Since this issue is as complex as child custody and support, you will need an experienced equity division attorney by your side. We, at the Law Office of Fedor Kozlov, P.C., have helped many clients to get through the divorce process, specifically during the equity division phase. We use our experience and knowledge to understand your case and come up with solutions that protect your financial interests.
Equity Division during Divorce
Equity division is among the most complicated components of a divorce, as it involves real estate valuation based on the ever-fluctuating housing market. The spouse who decides to keep the home will most likely have to refinance the mortgage, which can bring up several challenges if they have a low income or a bad credit score. They may be left with no option but to sell off their home if they cannot afford to make regular mortgage payments or unable to refinance the loan.
The situation can get very confusing and intimidating when your home is on the verge of foreclosure or a short sale, and you are in the middle of a divorce. Our attorneys can help you navigate through this complex situation, as we understand the relationship between divorce, bankruptcy, and foreclosure. We will guide you on whether it is possible to acquire a loan modification and if you should try to keep the home.
Determining your Home’s Value
Under Illinois state law, all marital property must be divided equitably between the spouses in a divorce, and this includes any equity in the marital home. You can determine equity by subtracting your home’s value by any outstanding payments such as a mortgage.
You can rely on our attorneys to conduct a proper valuation of your home if you and your spouse cannot decide on its value. Our attorneys work with industry professionals such as property valuators, inspectors, and appraisers, to help you with complicated financial calculations and determine your home’s value.
Contact Experienced Equity Division Attorneys Today
At the Law Office of Fedor Kozlov, P.C., we provide our clients with practical information and in-depth legal counsel they need when they go through equity division in a divorce. We take time to understand your goals and present different options available to you along with their benefits and implications. Contact the Law Office of Fedor Kozlov, P.C., today at (847) 241-1299 to schedule a consultation with one of our experienced attorneys to evaluate your legal options.