Keeping a home after a marriage ends

On behalf of Stange Law Firm, PC posted in Property Division on Monday, March 9, 2020.

Those who are going through the divorce process in Illinois or anywhere else may want to keep the homes that they currently live in. The first step in securing sole ownership of a home is to determine its market value. This is important because it will determine how much the other spouse could be owed in a buyout. However, it is also important because the person who wants to keep the house must have the financial resources to do so.

A person who can’t afford to purchase a home is unlikely to get permission to do so from the other spouse. A lack of financial resources may also be difficult to get a new mortgage or to refinance the current loan. In some cases, an individual might be able to pay off the other spouse by selling assets or raiding a savings account.

Family members or friends might also be willing to put up the money needed to obtain sole ownership of a marital home. Those who want to take ownership of the marital home should think about the potential negative consequences of doing so. For instance, an individual might have to agree to give up other valuable assets in exchange for the home. Potential homeowners will also need to account for insurance, maintenance and other costs of owning real estate.

In a divorce, individuals may pursue ownership of any assets that were accrued during a marriage. If a couple has a prenuptial or another type of agreement, that document will likely dictate who receives a particular asset. It may also dictate if an individual is entitled to alimony or to maintain an ownership interest in a business. An attorney may be able to help a person learn more about how to obtain a favorable outcome.

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