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Why you should not keep a joint mortgage after a divorce

If you are like many people in Illinois, you may really want to try and keep your house after you get divorced. Women in particular may have very strong emotional ties to their homes as the nesting instinct can kick in during times of transition. Similarly, parents with young children may feel it important to keep a home in order to maintain some semblance of stability for the kids amid all of the other changes that will be happening around them.

What is gray divorce?

Have you heard other people in Illinois talk about something called gray divorce? Do you know exactly what this is and why it has become a more common term that it used to be? Simply put, a gray divorce is when a couple in which the spouses are at least 50 years old chooses to end their marriage. Many of the people in this situation have been married since they were in their 20s or 30s while others might be in a second or thid marriage that did not even begin until their 40s, 50s or later. Either way, there may be specific issues to face when getting divorced at a later stage in life.

What happens to a mortgage if I keep my house in a divorce?

If you are like many people in Illinois, you take pride in your home and it is your safe place that you don't necessarily want to leave. These feelings may be especially strong if you are going through a divorce as your home can become one of the pillars of stability in your life during an otherwise turbulent time. But, before you rush in to lobby hard for keeping your house, you should also think about what you will do with your jointly held mortgage.

Managing a divorce and a bankruptcy

It is not uncommon for divorcing Illinois residents to consider filing for bankruptcy. Financial challenges are commonly present in marriages that end in divorce. At the same time, a divorce can take a bite out of your income and add to your monthly living costs which together may result in a bleaker financial picture at least in the short term. But, if you are considering filing for bankruptcy, should you do it before or after your divorce?

Can I use 401K money to pay alimony?

When faced with the prospect of a divorce, if you are the spouse in your marriage who has the greater earning power, you may understandably be concerned about the prospect of having to pay spousal support. Whether your other spouse does not work at all and may be a stay-at-home-parent or whether there is simply a large discrepancy in the amount of money earned by each of you, you may may well need to do this.

Can I keep my dog after my divorce?

Are you one of the many people who loves their dog but is facing an impending divorce? If so, you may well be concerned about what may happen to your dog. For couples without children especially, a dog can be thought of as their child and may well become a sticking point in a divorce. If both you and your spouse want to keep the dog, how do you think the decision may be made if you cannot agree?

How are student loans handled in a divorce?

If you are one of the many Illinois residents who is facing an impending divorce, you are likely concerned about the need to divide up your assets and your debts. In addition to things like a home if you own one and cars, student loan debt may also become part of your divorce settlement. This may be likely if any such debt was incurred during the time that you and your spouse were married.

Older Americans see increase in divorce rate

Illinois residents who may be getting divorced may sometimes feel alone and as if others would not understand their situations. However, this is far from the truth. In fact, a new study from the Pew Research Center shows that people over 50 are actually experiencing even more divorces now than they were 25 years ago.

Push to divorce seen at end of year

For many families in Illinois, the holiday season can be one of the toughest times of the year. This can happen when a marriage is under extreme strain and possibly even near its end. Some couples talk openly about wanting to keep their families intact for one more Christmas, often for the sake of the kids or even elderly family members. Other individuals contemplate divorce themselves but do not even tell their spouse right away and prefer to wait until after the New Year's holiday.

Collaborative divorce and mediation in Illinois

Among the many challenges facing divorcing spouses in Illinois is the high cost or at least the believed high cost that can be involved in a traditional litigated divorce. In addition to the financial costs associated with a divorce, there can also be emotional costs when confict remains high throughout the entire divorce process. Divorce mediation or collaborative divorce offer two alternative ways of getting divorced that may address these things.

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

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