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Homes aren’t always worth keeping in a divorce

On Behalf of | Nov 11, 2019 | Divorce |

Illinois couples who decide to end their marriages may have many questions to answer as they settle their divorces. One of those questions may be what to do with the house that they shared while they were together. Usually, divorcing couples will choose to either sell the home immediately or share it until it can be sold at a later date. Often, a home sale is delayed because it’s in the best interest of a child.

In some cases, one person may decide to buy out his or her ex-spouse and remain in the home on his or her own. Those who are looking to sell their homes immediately should make sure that they are to find new places to live. This typically means having enough money and a good enough credit score to rent an apartment or buy a home. Couples who are looking to sell their homes should also be aware that property values and tax rates can change over time.

Therefore, it may be worthwhile for couples to speak with a financial adviser prior to selling their homes. If one individual is going to buy out his or her ex, the person who is bought out should understand that he or she could still be on the mortgage. This may be true even if that person is no longer listed as an owner of the house.

The end of a marriage may be an emotionally and financially volatile time in a person’s life. An attorney may help an individual pursue a divorce settlement in an objective manner instead of making decisions based on how he or she feels about an issue. This may result in a person giving up a home in exchange for other assets, such as the cash value of a Roth IRA or 401(k).