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.
Assumable mortgage misconceptions related to a divorce
Dividing the marital home during a divorce
Dealing with the family home can be a difficult topic when Illinois couples decide to divorce. Unlike a bank account or a retirement fund, it is far more difficult to divide property. In addition, property division that involves real estate can carry an emotional cost that goes beyond the significant financial expenses involved in a divorce. People may feel emotionally connected to the family home, especially if they are parents who have raised their children there. Because of the complications of handling the home in divorce negotiations, many couples decide to sell their home as part of the settlement.
Home ownership during a divorce
When a married couple decides to divorce, there is often a difficult choice on whether or not to sell their home. A variety of factors will determine what the right course of action. These include the amount of equity in the home, each person's income and credit, and even market conditions. Retaining ownership can have a wide range of long-term consequences, so it's important to carefully consider this decision.
Divorce for older couples can be more complex
When older couples in Illinois decide to get divorced, their concerns are different from younger individuals going through the same process. While many younger couples focus on custody and support issues, most older couples focus on upcoming retirement and financial security. Additionally, many older couples have more assets that they need to divide, and the way they can divide these assets is not always clear cut.
Tax issues can be important in property division
Taxes are something people may not like to think about. This can particularly be the case at a stressful time like a divorce. The reality though is that taxes can have significant impacts on important divorce issues. One such issue is property division.
