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Keeping your home after a divorce

If you are an Illinois resident who is facing an impending divorce or perhaps even in the midst of a divorce, one of the biggest questions you may be struggling with is whether or not you should keep your home. You may also be needing to determine whether or not you actually can keep your house.

Forbes recommends that before you move ahead and let your emotions rule the day, you step back and fully evaluate the costs involved in keeping your home and your future financial reality. Even having an income that allows you to make the monthly mortgage payment is not enough to indicate that you can afford your home. Even a new home requires maintenance to keep it in good shape and that maintenance often costs money. As your home ages, repairs are simply a fact of life so even if your home is relatively new, look forward a few years and anticipate what types of things you will need to address.

Additionally, you should always refinance your mortgage into your name only in order to have a true fresh start and financial break from your former spouse after your divorce. However, this too will require a detailed look at your situation as you may or may not be able to get a new loan as divorce can be harsh on your credit and financial situation.

If you would like to learn more about how to appropriately decide if you should keep your home in a divorce, please feel free to visit the marital property division page of our Illinois family law website.

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

Toll Free: 866-921-8767
Phone: 618-207-3458
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