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Understanding whether I can keep the vacation home after divorce

On Behalf of | Feb 13, 2019 | Divorce |

If you are facing a divorce, you may be overwhelmed by the different decisions that you feel forced to make. The time preceding and during a divorce can feel stressful because of many reasons. You will want to make sure that your children are protected from the strains of the divorce, but you will also need to take time for yourself so that you can adjust to the changes.

Some stressors that you are experiencing will likely be related to your finances and the division of assets. If you have been married for many years and you have children with your spouse, your finances will probably be deeply intertwined, and it can be difficult to untangle yourself so that you are able to become financially independent once more.

If you have a vacation home and you are going through asset division in the state of Illinois, it is important that you learn more about how the law will likely apply to you. This will help to understand whether you will be able to keep the vacation home, as well as whether this should be a priority.

Going through asset division in Illinois

Illinois is an equitable distribution state when it comes to the division of assets. This means that all assets defined as marital property will be divided in a way that is considered fair and just in the opinion of the courts.

If you want to know whether you will be able to keep the vacation home, you should first verify whether it is considered a marital asset. If you or your spouse bought it individually before the marriage took place, it will likely be considered a non-marital asset and will not be subject to asset division.

If it was purchased during the marriage, one party may keep the vacation home, but it is possible that they will need to forfeit the primary residence in doing so. Alternatively, the vacation home may be sold, with the money being divided equitably between each divorcing spouse.

If you are going through a divorce in Illinois, it is important that you take action to understand your rights.