When to Keep Property as Jointly Owned After Divorce

 Posted on July 08,2024 in Division of Assets

Some types of marital property cannot be divided easily or at all, especially in high-asset divorce. In other cases, assigning ownership of a marital asset to one spouse or the other could be detrimental to both of you, especially when the asset is profitable, and you have shared in the responsibility of managing it. Of course, keeping certain assets designated as joint property after divorce is likely to work better if you and your spouse have a civil relationship. There are also cases where continuing to share ownership of an asset is simply in both of your best interests. Deciding to share an asset even after a divorce can work well for you and your children. However, you need a knowledgeable DuPage County, IL divorce attorney to help facilitate this type of arrangement.

Types of Marital Property You May Want to Keep as Joint Property

Some types of marital property lend themselves to remaining joint assets after divorce quite well. Marital assets you may want to consider not completely dividing in divorce include: 

• The vacation home - Your child may benefit if each parent can take him to spend time at your vacation home. If you rent out the property on Airbnb or VRBO when you are not using it and have always shared responsibility for managing it, it may be best if you both retain ownership interest. Your lawyer can help you designate management duties and work out a schedule for when each of you is entitled to use the property. 
• The family business - If you and your spouse feel you can maintain a professional relationship after your divorce and the business has thrived under your joint management efforts, you may not want to fix what is not broken. Your lawyer can help you clarify what ownership interests and responsibilities each of you has. 
• Your pets - Giving up a beloved pet can be heartbreaking. Instead, consider establishing a visitation schedule. If you have a child, consider having the dog or cat move back and forth with him. This can give your child a sense of comfort as he adjusts to moving between households. 
• Other rental properties - If you own an apartment building or commercial real estate, you may find it more manageable to continue sharing management responsibilities and profits. 

Contact a Wheaton, IL Divorce Attorney

Andrew Cores Family Law Group finds creative and mutually beneficial solutions for spouses undergoing complex and high-asset divorce. Our experienced DuPage County, IL complex divorce lawyers focus on using collaborative law processes to help spouses resolve their property division issues in a way that works well for both parties and their children. Contact us at 630-871-1002 for a complimentary consultation.