Navigating the divorce process can no doubt be challenging, especially when a family home is involved. In some situations, divorcing individuals want to keep their homes but lack the equity necessary for refinancing. Here is a rundown on the best options for addressing such a situation in Illinois.
Options for tackling the marital home
If refinancing a marital home is not possible during divorce, then another option is to simply sell the home. The problem with going this route, however, is that rental prices today are surpassing mortgages. This means that divorcing individuals who sell their marital home and decide to rent other homes may find themselves paying more in rent than they ever did with their mortgage.
To overcome this issue, two divorcing parties may choose to jointly own their marital home for three to five years and then sell or refinance the house. At this point, rental prices may be lower, in which case it might make more sense for the divorced couple to sell the home and rent other properties. They would simply split the proceeds of the home sale between each other.
Seeking the help of an attorney
When dealing with the marital home, a divorcing individual in Illinois would be wise to consult with a family law attorney in Illinois as soon as possible. The attorney can help him or her to make the most personally favorable decision regarding the home as well as the other marital assets that must be distributed during the divorce proceeding. The attorney’s chief goal in this situation is to protect his or her client’s rights and financial best interests both short term and long term.