On behalf of Stange Law Firm, PC posted in divorce on Monday, January 28, 2019.
If you and your spouse in Illinois are contemplating a divorce and you own a home together, you are likely wanting to know how to best deal with the house. If you have young children, you may well feel a strong emotional pull to keep the house so the kids do not have to move. You might want to do this whether you stay in the house with the kids or whether your spouse stays there with the kids and you move somewhere else.
Despite the understandable desire to keep a home, it may not be the right financial decision and certainly is one that requires care to avoid potentially serious financial consequences. If you end up leaving the home, you will want to ensure you are not financially liable for it, unless that is part of your overall divorce settlement. As explained by Bankrate, even if your divorce decree stipulates that your spouse must make the mortgage payments, if your name remains on the loan, you can still be held responsible for this debt.
The only way to avoid this is to have your spouse get a new loan in their name only. If they do not do this and they miss or are late on payments, your credit will take the hit.
If you would like to learn more about how to make the right decision for you about whether or not to keep your home or allow your spouse to keep your home during a divorce, please visit the marital home asset division page of our Illinois family law and divorce website.