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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.

But, before you let emotions rule the day, it is important to step back and determine whether or not keeping your home really is possible or smart from a financial perspective. Chances are that you have a mortgage on your home and that mortgage is in your name and your spouse's name jointly. If you are not able to refinance the home into a loan under your name only, you should think twice about keeping the home as Bankrate explains.

Even if your divorce decree clearly outlines that you are responsible for a mortgage, the bank looks at the loan paperwork to determine who they may pursue for collections if payments are late or missed. If you eventually experience serious financial troubles, that means the lender could go after your ex for the mortgage. This may bring about new challenges between you and your former partner that you really do not need.

If you would like to learn more about your options for dealing with a jointly owned home and mortgage during your divorce, please feel free to visit the mortgage and home page of our Illinois family law and divorce webstie.

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