The marital home might be one of the most coveted items in your divorce. You might have good reasons to want to keep your house, such as sentimental value or wanting to keep young children in the home. However, if you are given the marital home in a divorce, you should know of the potential risks and liabilities. A skilled Illinois divorce attorney can advise you on the best course of action and advocate for your right to a marital home.
At Calabrese Associates, P.C., we have experience handling asset division cases involving real estate. We can represent you in negotiations for a fair divorce settlement, regardless of whether or not you get the marital home.
Refinancing The Mortgage
If you and your spouse both put your name on the mortgage, you will likely have to refinance your loan after your spouse moves out. A refinanced mortgage will take your spouse’s name off of the loan and cut him or her loose of any financial responsibility. To get approved for a new mortgage, you will have to file another loan application, which will entail a credit check.