Courtney, Clark & Mejias, P.C.Courtney, Clark
& Mejias, P.C.
Practice Areas

Keeping your home after a divorce

If you and your spouse are getting divorced in Illinois, one of the many decisions you may have to make is what to do with your marital home if you own one together. In addition to the common emotional tug to keep a family home, especially if you have children still at home, there are many important financial factors that you should consider before making a final decision about your house in your divorce.

Bankrate explains that if you really want to keep your home, you ideally will need to refinance your mortgage so that it is in your name only. This may or may not be possible depending upon your sole income and credit, especially knowing that credit scores and income can dip after a divorce. Additionally, you should carefully evaluate your true ability to be able to afford your home. This means more than just being able to make the monthly mortgage payments. Maintenance, repairs, insurance and taxes can add up and make the cost of a particular house really out of reach for you.

If you cannot get a new mortgage in your name only and still want to keep your house, you could keep the existing mortgage that is in both spouses' names. In this situation, clear parameters around financial responsibility for the home should be included in your divorce decree.

If you would like to learn more about how to determine what to do with your home during and after a divorce, please feel free to visit the marital asset division page of our Illinois family law website.

No Comments

Leave a comment
Comment Information
Email Our Attorneys

Schedule A Free Consultation Experienced representation does not have to be out of reach financially. Call 618-207-3458 (toll free 866-921-8767) or contact us online to schedule a free consultation. Each of our lawyers has a strong reputation in the Belleville legal community. We will give you an honest assessment of your case and help you understand how we can help you.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Courtney, Clark & Mejias, P.C.
104 South Charles Street
Belleville, IL 62220

Toll Free: 866-921-8767
Phone: 618-207-3458
Fax: 618-234-8028
Belleville Law Office Map

    • ABA - American Bar Association
    • Illinois State Bar Association
    • County of St. Clair - State of Illinois
    • IACP | International Academy Of Collaborative Professionals