Can I Keep the Family Home After an Illinois Gray Divorce?

 Posted on April 09, 2025 in Divorce

For many couples facing divorce later in life, the question is not just who gets what – it is what happens to the life you built together. At the center of that life is often the family home. Maybe it is where you raised your children, hosted holidays, or simply imagined growing old together. In a gray divorce, deciding what to do with the house can be an extremely emotional part of the process. While state law provides a framework for fairly dividing property, the outcome is heavily dependent on your specific circumstances. An Illinois family law attorney can help you understand your options and fight for what matters most to you.

What is Considered Marital Property?

In Illinois, most assets obtained while you were married are considered marital property, even if only one spouse's name is on the paperwork. This means that it is likely considered marital property unless you owned the home before the marriage or individually inherited it. Even when only one spouse initially buys the home, it may be classified as marital property if joint finances were used for mortgage payments, repairs, or renovations during the marriage.

How is Property Divided in a Gray Divorce?

Illinois follows the principle of equitable distribution, so marital property will be divided fairly, rather than an automatic equal split. When deciding how to divide assets like the family home, the court considers several factors, including:

• The length of the marriage

• Any agreements between the spouses, such as a prenuptial agreement

• The financial needs and resources of each spouse

• Each spouse’s contributions to the purchase and upkeep of the home

• The age and health of each spouse

• Whether one spouse will be the primary caregiver for a dependent adult child

For older couples, especially those who are retired or near it, the courts will also weigh each spouse's ability to support themselves after the divorce.

Can I Afford to Keep the House on My Own?

Even if you are awarded the home in the divorce, you have to consider the practical and financial implications. Can you afford to maintain the property, pay the mortgage, and cover taxes?

When making this decision, it is essential to know your options, which include:

• One spouse buying out the other’s share

• Selling the home and dividing the proceeds

• Agreeing with your spouse to delay the sale (for example, until a certain milestone)

A gray divorce lawyer can help you evaluate your options and advocate for a plan that best supports your financial future.

What if the Home Has Sentimental Value?

For many people facing a gray divorce, the family home is tied to years of memories, especially if children were raised there. While emotional attachment is understandable, it is crucial to separate personal feelings from financial realities. Courts generally base property division decisions on fairness and financial viability, not sentimental value.

Still, if keeping the home is important to you, it may be possible to negotiate a settlement that allows it. For instance, you may opt to exchange your share of other marital assets.

Contact a DuPage County, IL Gray Divorce Lawyer

If you are facing a gray divorce and unsure what the future holds for your home, you do not have to make these decisions alone. A knowledgeable Wheaton, IL family law attorney at Divorce Over 50 - Goostree Law Group can guide you through the process and work toward a resolution that protects both your finances and your peace of mind. Call 630-634-5050 to schedule a free consultation and learn more about how we can help.