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Can I Keep The House, Inc.

Frequently Asked Questions (FAQs)

Q: How much child support will I get/have to pay?
A: Child support is determined by Illinois Statute. To approximate the child support in your case, use the interactive child support calculator listed under Helpful Links. It is specific to Illinois.

Q: Will my ex get my inheritance?
A: Without planning, your ex may indeed be able to claim your inheritance is part of the marital estate. Consult Can I Keep The House, Inc. for more information.

Q: Will I have to pay taxes when I sell my house?
A: If you hold on to the house for a number of years after divorce, and your profit as calculated by the IRS is more than the current limit of $250,000 for a single person and $500,000 for a married couple, you will probably have to pay capital gains tax when the house is sold. Consult Can I Keep The House, Inc. for more information on reducing your potential tax liability.

Q: Should I roll over my part of my ex's 401(k) into an IRA?
A: It depends on what you want to do with the money. If you want to use it right away, you may choose not to roll it over; however, there are tax consequences if you do this, depending on your age. Consult Can I Keep The House, Inc. for more information.

Q: Can I keep the house?
A: The real question is, "Should you keep the house?" Consult Can I Keep The House, Inc. to evaluate the circumstances in your case.

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