Naperville, IL Real Estate Divorce Attorney

Trusted Real Estate Division Lawyers Serving Spouses in Naperville, Illinois

When you and your spouse get a divorce, you will have to divide up all of your marital property. Your real estate holdings may be among the most valuable assets that you will have to split up with your spouse. If you are worried about what will become of your real estate at the end of your marriage, consider working with a Naperville, IL divorce lawyer.

At Fay & Farrow, we have extensive experience representing clients in complex high net worth divorces. Established in 1979, our firm has built up a reputation for knowledgeable counsel and aggressive advocacy, as evidenced by our testimonials. You can trust us to stand up for you in negotiations, working toward a favorable resolution to preserve valuable real estate.

What Makes Real Estate Marital or Separate Property in a Naperville Divorce?

Illinois law presumes that real estate acquired during marriage is marital property subject to equitable distribution. That includes the family home, vacation residences, rental properties, and undeveloped land purchased after the wedding date.

By contrast, real estate owned prior to marriage generally remains separate property. Likewise, any property received by gift or inheritance during the marriage, so long as it is kept distinct from marital funds, retains its separate status. When a spouse contributes to a separate property (for instance, making mortgage payments or contributions toward repairs and upkeep), the property could end up commingled.

Careful record-keeping is essential to establish whether an asset belongs to the marital estate or stays in one spouse's separate estate. Our firm can help you determine a property's identity and advocate for your rights during negotiation.

How Is Real Estate Valued in a Divorce?

Accurate valuation of real estate is critical to achieving a fair division. In many Naperville divorces, the parties agree to hire a licensed appraiser who examines comparable sales, property condition, location, and market trends. The appraiser's report becomes evidence of the fair market value as of the valuation date, which is often the date of dissolution or another date agreed upon by the spouses.

Sometimes, spouses may submit competing appraisals or rely on broker price opinions. When differences arise between valuations, attorneys can negotiate adjustments or present expert testimony at trial to advocate for a value that reflects current market conditions. In complex cases, legal counsel may recommend supplemental inspections.

Ways to Divide Up Marital Real Estate Properties

One common approach is a buy-out, where one spouse refinances the mortgage in his or her name alone and pays the other spouse's share in cash or through other assets. This allows one party to retain possession of the family home without forcing a sale.

Alternatively, spouses may decide to sell the property and split the net proceeds according to their agreed-upon or court-ordered percentages. Sales require coordination on listing price, timing, and cost allocation for commissions and closing expenses.

In some circumstances, properties are exchanged for other marital assets of equivalent value. For example, one spouse might keep a rental property while the other takes a greater share of retirement benefits, investment accounts, or vehicles. Creative solutions can streamline the process and reduce tax consequences when crafted under legal guidance.

Contact a Naperville, IL Divorce Attorney for Real Estate

At Fay & Farrow, our divorce attorneys draw on deep knowledge of Illinois property law and local market dynamics to protect your interests. We will explain your options clearly and advocate zealously at every stage of the process.

If you have any questions about what we can do for you, do not hesitate to reach out. Call 630-961-0060 or contact our Naperville, IL divorce attorneys for real estate to arrange a free consultation.