On behalf of Stange Law Firm, PC posted in Property Division on Monday, December 11, 2017.
Getting divorced in Illinois involves many decisions regarding finances. In addition to dividing assets and assuming responsibility for debts, homeowners have additional considerations. In many marriages, a house represents one of the largest assets the couple owns. Taking time to understand the options available can protect a divorcing spouse’s long-term financial health.
In many cases, a divorcing couple will opt to sell the marital home as part of the divorce agreement. The proceeds from the sale of the home could then be equitably divided. Afterward, there will no longer be any concerns regarding continued ownership, mortgage payments or household maintenance.
When a spouse wishes to keep the home, other considerations come into play. If one spouse moves out and agrees to remove his or her name from the title, the departing spouse may still be on a joint mortgage. Removing someone’s name from a mortgage requires either paying off the loan or refinancing it solely in the name of the spouse who keeps the home. To make the transfer a fair deal, the spouse who’s keeping the home may offer to give up an asset that’s of equal value. Another option could be to forego spousal support in order to keep the home.
Homeowners who are going through a divorce could benefit from speaking with a family law attorney. The lawyer might be able to review the spouse’s case and make suggestions regarding jointly held real estate. Depending on the circumstances, the attorney could devise a strategy for selling or refinancing the home so that both spouses are able to comfortably move on and rebuild their lives.