For Illinois residents who are caught unawares by an impending divorce, deciding whether or not to sell a home can be a difficult decision to make. This is particularly true for those who allowed the family finances to be handled primarily by the other spouse.
If the home has been paid for in full but is too expensive to maintain, it may be more prudent to sell it. This might be the best solution if the home is older and may soon require costly repairs or if it is so big that utility costs for keeping the home comfortable are not compatible with a reduction in income.
A soon-to-be divorcee should also make every effort to know everything about his or her financial situation. An individual may be unaware of what type of financial accounts has been opened in his or her name, either solely or jointly with a spouse. A credit report, which can be obtained for free, can provide most of this information very easily. Future divorcees should also begin separating their financial records. This includes credit records, checking accounts and debts.
Retirement should be the focus of most of the financial decisions that are made following a divorce. Therefore, one should consider how best to supplement whatever will be the main source of retirement income, which most likely will be Social Security benefits.
When facing an unanticipated divorce, the decision to sell a home will depend on whether it benefits the owner and other financial choices he or she will have to make in the wake of the separation. A divorce attorney may provide legal counsel and help a client make a sound financial decision.