Courtney ∙ Clark Law, P.C.Courtney ∙ Clark Law, P.C.
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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.

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Courtney ∙ Clark Law, P.C.
104 South Charles Street
Belleville, IL 62220

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