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Wakenight & Associates, P.C.

1100 Lake Street, Suite 120, Oak Park, IL 60301

Oak Park | 708-848-3159

DuPage County | 630-852-9700   Mokena | 815-727-6144

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Who Gets the Vacation or Rental Property in an Illinois Divorce?

Posted on in Divorce

Cook County property division attorney for vacation homesA divorce can be overwhelming and complex due to the numerous issues that must be resolved. The division of real estate, including the marital home, must be figured out. However, if a couple also owns a vacation home, or other rental/investment properties, that can further complicate matters. These types of residences are common in high-asset divorces, and determining which spouse retains ownership of this valuable real estate can often be a complex matter. If you and your spouse are going through a divorce and have multiple dwellings, legal representation from a skilled attorney can help make sure you get what you deserve. 

Illinois Dissolution of Marriage Laws

Marital property includes any assets obtained by either spouse during the marriage. According to Illinois divorce law, all marital assets are subject to “equitable distribution.” This means property is divided between each party in a fair way, but not necessarily split in half, or 50/50.  

The court considers several factors when dividing property, such as the following:

  • How much each spouse contributed (income and debt)

  • Value of property

  • Property hidden or dissipated during the marriage

  • Duration of the marriage

  • Economic circumstances of each spouse

  • Financial contributions from previous marriages

  • Prenuptial or postnuptial agreements (if applicable)

  • Age, health, occupation, and employability of each spouse

  • Costs for raising children

  • Existing court orders for spousal maintenance and/or child support

  • Factors affecting a spouse’s ability to earn income in the future

  • Tax consequences from dividing property 

Vacation Homes

Additional homes owned by a couple are considered marital property if they were acquired after the marriage took place but before a legal separation. If one spouse acquired real estate prior to the marriage, this residence would be considered separate or non-marital property. Separate property may also include any property acquired by gift or inheritance. It can also be property acquired by a spouse after a legal separation.

However, if the other spouse made significant contributions to increase the value of a second home that is non-marital property, he or she may be entitled to receive reimbursement for expenses from the other party. For example, if one partner redecorated or updated light fixtures and appliances, he or she improved the net worth of the property. 

Rental Property

In some cases, a couple might rent out a property to commercial or residential tenants as supplemental income. Just as with the marital or vacation homes, if these were acquired during the course of the marriage, they are subject to equitable distribution by the court during the divorce proceedings. A real estate appraiser can assess the value of these investment properties to make sure they are divided fairly. There is a possibility that a spouse may try to use these types of properties to hide income when going through a divorce. A forensic accountant can help discover any hidden assets.

Contact an Oak Park Division of Real Estate Lawyer

Who gets what in a divorce can be a big source of contention between two spouses, especially if the couple owns real estate property besides just the marital home. The law firm of Wakenight & Associates, P.C. has over 95 years of experience handling many types of divorces, including complex cases involving large incomes and assets. Our knowledgeable Cook County asset division attorneys understand the ins and outs of dividing property in a divorce, and we will work to protect your rights and help you maintain financial security. Call our office today at 708-848-3159 to schedule a free consultation. 

Sources: 

http://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=075000050K503

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000

 

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