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Divorcing the spouse and the house

33871317_S.jpgA substantial concern of divorcing spouses in Illinois is what will happen to their homes after they are separated. Those concerns can be especially heightened if one spouse is interested in retaining the property. Many times, the reasons for wanting to keep the home are based purely on emotional attachment. However, this might not be the wisest financial decision.

After a divorce is final, the spouse interested in keeping the home could face a multitude of challenges when trying to refinance the home to remove the other spouse and put the property in their name. They might not be able to obtain financing on their own due to poor credit scores or low income. They could also miss regular payments for various reasons during the divorce process, and those missed payments will have a big impact on credit scores and favorable payment history.

For the spouse who wants to let go of the marital home and purchase a new one, they can run into the same problems. Many divorcees are forced to wait until their old homes are sold before they can make new property purchases. New financial obligations such as child support and alimony can also make it difficult to qualify for financing to purchase the new home.

Divorce does not just mean the dissolution of a marriage. It also means the separation of assets. This process is often complex, and divorcing couples should consider consulting an attorney to protect their interests. A divorce attorney could help determine what is best financially for a client.

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