Divorce is one of the most common reasons homeowners need to sell a property quickly. In Illinois, the marital home is often the largest shared asset, and deciding what to do with it is one of the most emotionally charged parts of the process. Whether you and your spouse agree on the sale or the court has ordered it, understanding your options can help you make the best financial decision during a difficult time.
Illinois is an equitable distribution state, which means marital property is divided fairly — but not necessarily equally. The court considers factors like each spouse’s income, earning potential, the length of the marriage, and contributions to the property. If you purchased the home during the marriage or used marital funds for the down payment or mortgage, it’s generally considered marital property regardless of whose name is on the deed.
Property owned before the marriage or received as a gift or inheritance may be considered non-marital property, but this can get complicated if marital funds were used for improvements or mortgage payments.
Option 1: One spouse buys out the other. If one spouse wants to keep the home, they can buy out the other spouse’s equity share. This requires refinancing the mortgage into one name and having enough income or assets to complete the buyout.
Option 2: Sell the home and split the proceeds. This is the most common outcome when neither spouse can afford the home alone or when both parties want a clean break. The net proceeds after paying off the mortgage, closing costs, and any liens are divided according to the divorce agreement.
Option 3: Continue co-owning temporarily. Some divorcing couples agree to keep the home for a set period — often until children finish school — with one spouse living there. This requires cooperation and clear written agreements about who pays what.
Divorce creates urgency. Both parties typically want to finalize the property division and move on as quickly as possible. A traditional sale with an agent can take three to six months, during which both spouses remain financially tied to the property. Someone has to keep paying the mortgage, taxes, insurance, and maintenance.
A cash sale can close in as little as 7 to 14 days, allowing both parties to divide the proceeds and achieve a clean financial separation much faster. There are no repair requirements, no staging, no open houses, and no risk of a deal falling through due to buyer financing issues.
Yes, in most cases. If both spouses agree to the sale, you can list and sell the home at any point during the divorce process. If one spouse objects, you may need a court order to proceed with the sale. Your divorce attorney can petition the court to order the sale if it’s in both parties’ best financial interest.
It’s important to note that once a divorce petition is filed in Illinois, neither spouse can sell, transfer, or encumber marital property without the other’s consent or a court order. This is an automatic restraining order that goes into effect to protect both parties’ interests.
We work with divorcing couples throughout the Chicago area and Northwest Indiana who need to sell quickly and split the proceeds. We can work with both parties’ attorneys, provide a clear and fair offer, and close on a timeline that works with your divorce proceedings. No repairs, no commissions, no hassle — just a fast, fair cash sale that helps both parties move forward. Contact us for a confidential, no-obligation offer.
More guides for selling during a difficult transition:
We help divorcing homeowners throughout Chicagoland and Northwest Indiana, including Naperville, Wheaton, Schaumburg, Downers Grove, Joliet, Aurora, Crown Point, and more. Get your cash offer today →
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