After a divorce, the division of assets isn’t often a big worry for the spouses, especially if they have little support to share or are renting instead of owning their own home. If a couple does not own a house together, they can sell their possessions and split the proceeds equally or take their things and divide the furnishings. Both options result in an equal division of the couple’s assets.
On the other hand, real estate ownership makes things more complicated. Both parties must contribute to dividing the marital home and any investment properties that the couple may jointly hold. If you are going through a divorce, Foothill Ranch Divorce Attorney explains how the property, namely rental property, would be divided.
In Illinois, There Is A Fair Distribution
This implies that in the state of Illinois, if a couple decides to obtain a divorce, they are required to divide their marital property in a manner that is fair but not necessarily equal. The court encourages couples to collaborate to get an agreement about the distribution of their property since doing so provides the team more autonomy in arriving at a choice, cuts expenses, and speeds up the processes. When a married couple cannot agree on how their property should be divided, the courts will do it for them. The court will decide after considering several factors, including the existence or absence of a prenuptial agreement, the length of the marriage, the duties of each spouse, and each spouse’s current financial condition. Variations on the Subject of the Division of Rental Property
When a couple gets divorced, the rental property they own may be shared in several ways. The following are some options that are available to you:
- Any profits gained from the sale of the property being rented out are split evenly amongst the parties involved.
- The following is the process that is used to transfer ownership of the rental property from one spouse to the other:
- There are two possible courses of action: either they may retain joint ownership of the property and split any rental income equally between them, or they can choose to share it 50/50.
- One of the individuals involved in the marriage will trade their rental property for another asset, which may or may not include the marital home.
Achieving Your Divorce Goals
If you and your spouse are constantly at odds with one another and refuse to find a middle ground, it may be challenging to start over as a single person may be challenging after going through a divorce. During negotiating the terms of your divorce, it is crucial to have a level head, articulate what you want or why you are willing to compromise and keep an open mind. Naturally, if an agreement can’t be made about the dispute outside of court, you should seek the advice of an attorney to safeguard your rights and interests.
Attorneys specializing in divorce and family law are well-versed in the complications of dividing property in the event of a divorce. They will stop at nothing to ensure both your safety and the preservation of your rights. They are helpful to others around them in some way. They are ready to meet with you to discuss your case and are prepared to do so. For your first consultation, you may contact them by either giving them a call or sending them an email.