Who should keep the house?

This is a complicated question. Many factors must be taken into consideration, such as who is retaining child custody. Also, it is vital that you pinpoint exactly what it will cost to maintain the home, factoring in taxes and inflation, and figure out if you will have enough income (not including any child- or spousal-support payments) to live comfortably in the home.

It is important to keep in mind that it may not be in your best interest to retain the home if you must give up other liquid assets. Remember, house equity is not liquid and will not provide income. Whether or not to keep the house is one of the most critical decisions you will make during the divorce process. You should contact a divorce financial planner who is an expert in this area and is able to guide you.

About the author of this Illinois Divorce FAQ:

Nicole Brucker is a Certified Financial Divorce Practitioner and the founder of The Sapient Solutions in Evanston, IL.