Illinois couples who are getting a divorce have a number of options for what to do with their house. However, it is important to make a wise financial decision.
A spouse who wants to keep the home needs to keep two important issues in mind. One is looking at expenses on a monthly basis and determining whether keeping the home is affordable. The other is removing the other spouse from the deed. Some couples may refinance the mortgage while failing to take that final step, but this can mean that the other spouse could resist selling the house in the future. It may be possible for the couple to agree to sell the house and keep the proceeds, but this often only happens after a court battle and an order from the judge. Alternately, one person may buy out the other.
In an amicable split, some couples might agree for one to sign the house over to the other without an exchange of money. Another arrangement that may work in an amicable divorce is called “nesting.” This involves parents taking turns living in the house while the children stay there all the time. Whether or not parents agree to try nesting for a short time, they might also agree on a date to sell the house in the near future but not right away.
During a divorce, people may sometimes make poor financial decisions based on their emotions. Keeping the home for sentimental reasons could be one of those errors, but people might also give up assets because they feel guilty about the divorce or fight over them because they are angry. Although divorce is difficult, it is important to look at property division as a business decision. An attorney might be able to help a person stay focused on financial goals during these negotiations.