Is keeping a house after a split a good idea?

On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, March 6, 2013.

As anyone in the Chicago area who has gone through a divorce knows, there are many adjustments that need to be made as a result of the process. While exactly what those adjustments are varies from divorce to divorce, a common issue for many is who, if anyone, will be able to keep the marital home. Perhaps not surprisingly that determination depends the finances of the parties involved in the split.

The first thing that needs to be addressed is whether the person wishing to keep the house can afford to make the monthly payments. That is not the end of it though. In most cases when a spouse wants to keep the house, the other spouse will want their name off the mortgage. To accomplish this, a refinance is needed which requires the person taking over the home to obtain financing from a bank. As homeowners throughout the state of Illinois are likely aware, in the current economy this is often more easily said, then done.

Someone who can manage the first two may still want to think twice before undertaking such a big responsibility. One also wants to make sure that he or she has the money available to pay for any repairs that could arise. Depending on the age of the house it is possible that those repairs could be expensive.

As is the case in any matter related to a divorce or split, there are many things that need to be considered. Just what the right decision is will need to be determined by each individual. A family law lawyer who handles cases dealing with the division of assets can help that person make as informed a decision as possible.

Source: Huffington Post, “Keeping the House After Divorce,” Connell B. Kathleen, Feb. 22, 2013