Ryan Family Law P.C. Ryan Family Law P.C.
Elgin, Illinois 847-586-0161
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April 2019 Archives

Jointly held loans can be a thorny divorce problem

Ending a marriage is rarely easy, and the desire to get through the process as quickly and painlessly as possible sometimes leads divorcing spouses in Illinois to make financial decisions that haunt them for years to come. Many of these poor decisions are made during property division negotiations when assets such as real estate or automobiles are discussed. This is because these assets are often financed with loans that both of the spouses involved have signed.

What to do after receiving a divorce decree

Once a couple in Illinois decides to divorce, the next step is for them to fill out legal documents and file them at the courthouse. During this process, each spouse must decide how to divide his or her assets and money, including jewelry and financial holdings. While it is simple to split up books, DVDs and similar belongings, it is difficult to divide monies and properties.

Assumable mortgage misconceptions related to a divorce

One of the most common assets sought after during an Illinois divorce is the family home. If a decision is made that one former spouse will retain the home, the next step is to determine how to handle the mortgage. Possibilities include retaining the original joint mortgage, refinancing the mortgage and loan assumption.

Arrange A Free, Half-Hour Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

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Ryan Family Law P.C.
2250 Point Blvd. Suite 107
Elgin, IL 60123

Phone: 847-586-0161
Elgin Law Office Map

Our Hours:
Friday 9AM–12PM
Monday 9AM–5PM
Tuesday 9AM–5PM
Wednesday 9AM–5PM
Thursday 9AM–5PM

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