Many Illinois couples who are going through a divorce have to decide what they will do with their marital homes. While a spouse might have an emotional attachment to his or her home, it is not always a good idea to keep it after a divorce. There are a few things people should consider before deciding what to do in this situation.
Options for the marital home
People who are getting divorced might have a few options for what to do with the marital home. One spouse might want to remain in the home. However, this might not be feasible if the spouse’s income is not high enough to comfortably make the mortgage payments and pay the maintenance and insurance costs. If the children are grown, the space also might be larger than necessary and result in high utility bills. A spouse who wants to stay in the marital home will need to carefully consider his or her finances to determine whether or not it makes financial sense.
If the mortgage is in both of the spouses’ names, the spouse who wishes to remain might also need to refinance the loan in his or her name alone. This might be difficult on one income. Some spouses decide to sell the marital home and split the equity they receive from the sale. If they decide to do this, it might make more sense to sell it while they are divorcing rather than one spouse selling it later because of tax considerations.
Deciding what to do about the marital home is not an easy decision for most divorcing couples. A person who wants to file for divorce may want to talk to a financial advisor to understand how their finances might be affected. A financial advisor might work with the person’s divorce attorney to help to protect the person’s financial interests during and after the divorce.