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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.

Bankrate advises couples to keep in mind that when addressing a property division settlement during a divorce, it is the handling of debts as well as assets that must be determined. For most couples, a mortgage may well be the single largest debt they share. Similarly, a house may well be the single largest asset that a couple has. Even if you and your spouse agree that you will stay in the home and simply assume responsibility for the mortgage payments, that may not be enough to prevent problems later on. If you should ever have troubles making those payments, your former spouse could be on the hook for that debt, despite what a divorce decree says.

Refinancing may be a good option if you are able to obtain a loan in your name only. Alternatively, you may end up choosing to sell your home and start fresh with one that is new to you.

This information is not intended to provide legal advice but is instead meant to give divorcing spouses in Illinois some ideas of how they may wish to address their joint mortgages if one person wants to keep the family home.

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