Property Division and Mortgages in Divorce

Illinios divorce attorney, Illinois family law attorney, marriage, asset division,When spouses divorce, they lose a lot more than a long-term relationship. The end of a marriage can mean the loss of property, social circles, and even custody of children. Property division is one aspect of divorce that often leads to disputes.

Most spouses quickly learn that there are two main categories of property: separate and marital. Separate property includes any property that one spouse owned before the marriage. It may also include inheritance or a gift from a third party. Marital property, however, includes just about everything that the couple acquired during the marriage.

 When it comes to mortgages, however, many divorcing spouses have a long list of questions and concerns. This article will discuss the ways that divorcing couples can handle a mortgage.

What Happens to a Mortgage after a Divorce?

According to Bankrate.com, a home mortgage can make divorces particularly complicated. Often, couples choose to sell the property to avoid any disputes. This also prevents one spouse from taking on the mortgage alone, which can be difficult on a single income.

However, selling the home is not the only option. Refinancing the mortgage is another possibility. In these cases, the mortgage transfers to the spouse who will make the payments and stay in the home.

Although these are the two most common approaches to handling a mortgage during a divorce, they are not the only options. An experienced family lawyer can assess your case, explain your rights, and help you develop a financial plan that represents your interests.

Contact a Family Lawyer in DuPage County, Ill.

 If your marriage is ending and you need advice or legal representation, contact an experienced DuPage County divorce attorney to find out what options you may have. Call the Law Office of Matthew M. Williams, P.C. today at 630-409-8184 to schedule a free consultation.

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