Marital dissolution can oftentimes be a complex ordeal, especially when a mortgage is involved. Fortunately, it is possible to effectively manage a home loan during the divorce process in Illinois. Here are a couple of options for dealing with a home mortgage when splitting up with a spouse.
Family home mortgage refinancing
Refinancing the family home’s mortgage may be a viable option if one party earns enough money to cover the mortgage by himself or herself. In this situation, this party can refinance and assume full ownership of the property. This means his or her spouse will not have to cover any mortgage payments for the property going forward.
Family home sale
Another possible solution for navigating a mortgage during divorce is to simply sell the marital home. This option offers the benefit of protecting both parties from the risk associated with continuing to share a mortgage post divorce. In addition, one party does not have to worry about covering the mortgage without the other party’s help in the years ahead.
Seek the help of a divorce attorney
Prior to making a decision about the home mortgage, divorcing individuals would be wise to consult with an attorney on the matter first. A divorce attorney in Illinois can advise a divorcing homeowner on the most personally favorable option for addressing the mortgage based on his or her current financial situation and future financial goals. The attorney’s ultimate goal is to make sure that his or her client’s best interests are protected long term.