When facing the end of a marriage, many individuals in Illinois and elsewhere may have concerns about certain aspects of the process. While each person may have different views about what is important during this period, the subject of what to do with the family home might be a concern for many. While at first, it may seem as though keeping the home following divorce is the most favorable option, one might want to consider what that decision might mean for the future.
Whether out of a feeling of sentiment, or one of convenience, many individuals may choose to pursue ownership of the family home during divorce proceedings. However, before deciding upon this path, it makes sense to consider the impact divorce might have on one’s finances. Transitioning from a two-person income to one can take some adjusting, and refinancing a mortgage, or obtaining a new one, could be a lot to take on.
Keeping the home may also come with other monetary obligations, such as the cost of upkeep and maintenance. Fully understanding the costs of paying a mortgage and maintaining a home could have a significant influence on one’s decisions. In addition, to obtain ownership of the home, one may also have to relinquish rights to other assets, and giving this aspect a fair amount of thought is advisable.
With numerous options to consider, each of which could have a substantial impact on one’s future, a person will likely benefit from seeking guidance in the initial stages of divorce. By speaking with a family law attorney, an individual in Illinois could obtain some much-needed guidance in the process. An attorney can address a client’s concerns and needs and assist in pursuing a favorable outcome during divorce proceedings.
Source: huffingtonpost.com, “It’s Harder to Divorce the House Than the Spouse!“, Ashley Tate Cooper, Accessed on Oct. 20, 2017