Homes in Illinois Divorce: A Useful Guide to Who Receives the Property
Oftentimes, couples debate their homes in the Illinois divorce process. With the emotional attachment in mind, many people place a firm “I want the house” attitude.
Similar to all other aspects of the divorce process, splitting the home is rarely as simple as one person conceding. Taking on the role of sole homeowner calls financial feasibility into question. In addition to upkeep costs, financial feasibility also depends on whether the sole owner qualifies for the mortgage.
Conducting a Home Buyout in an Illinois Divorce
As mentioned, many couples assume the deal ends with a buyout. When examining homes in an Illinois divorce, the process extends beyond removing one party from the deed. Here are some of the questions worth asking:
Is their name on the deed?
What is the monthly mortgage payment?
Additionally, does the monthly mortgage payment include principal, interest, taxes, and insurance?
Is the mortgage assumable so one party can take it over?
If the mortgage isn’t assumable, can the pending homeowner qualify for a mortgage on their own?
Will the pending homeowner require a cosigner or coborrower to qualify for the mortgage?
How will home equity be split?
Can the pending homeowner pay for upkeep costs?
Will the pending homeowner need to hire laborers (i.e., housekeeping, lawncare, etc.)?
As a starting point, sit down with a lender. This gives potential homeowners useful insights into the pre-approval process.
Resolving Home Splitting Challenges Through Collaborative Divorce
When discussing homes in an Illinois divorce, the collaborative process mitigates numerous challenges. Through a collaborative divorce, a neutral financial professional examines all sides of the issue.
As a result, this professional guides both parties through their post-divorce budget. Thus, collaborative divorce enables the couple to identify affordability obstacles.
By working as a team, the couple reaches a unified decision that best serves them and their family. For legal guidance with your Illinois divorce, contact the family law firm at Legal Solutions — Collaborative Family Law.
