What Happens to My Home if I Have a Mortgage in My Chicago Divorce? Two Traditional Methods for Dividing Up Property in Chicago Divorces Explained
One of the things that couples that are separating and gearing towards divorce proceedings in Chicago must consider is the matter of living arrangements. Typically divorcing spouses go their separate ways and decide not to live under the same roof any longer. However, when a married couple shares a mortgage, the situation can become a little more complicated. Who stays in the home and keeps the house, and who will move out? Furthermore, how does the spouse that keeps the house officially and legally put the home only in their name? To help Chicago couples that are going through a legal separation or a divorce better understand the dissolution of the marriage process in Chicago, we provide two common strategies that couples employ when it comes to splitting up the house.
Strategy #1. When a Separation is Amicable – Refinancing the Marital Home
If a couple is willing to work together and come to the negotiation table, rather than duking it out in a no holds barred battle in court, they may be able to work out issues regarding the marital home without court intervention. If a couple that is separating can decide who gets the home, and who will put the home into their name for the purposes of the mortgage and other financial and legal responsibilities, then it may be a matter of simply agreeing to refinance the home only in one soon-to-be ex-spouse’s name. Refinancing, of course, can be done through the bank, and court intervention is, therefore, not required if a couple can take this route.
Strategy #2. When a Separation is Not Amicable – Court Intervention Regarding the Marital Home
Not all divorces are done amicably, and sometimes Chicago couples reach an impasse when it comes to dividing up the marital home. In the case that a couple simply cannot see eye-to-eye, the court may need to get involved in order to divide the home. If a couple cannot agree as to who gets the home, the court can order one spouse to sell the home and divide up the proceeds of the sale.
Your Legal Rights and Options in Chicago
If you are in the process of separating in Chicago, or are in the process of getting a divorce, and you would like to discuss your legal rights and options when it comes to your marital home or any other issue, it is best to speak with an experienced Chicago divorce lawyer as soon as possible. The experienced Chicago divorce lawyers at Birnbaum Gelfman Sharma & Arnoux, LLC are here to help divorcing and separating individuals in Chicago with their Chicago divorce cases. They offer a confidential consultation to learn about your unique case and to see if they can help fight on your side in your Chicago divorce. Contact the experienced Chicago divorce lawyers at Birnbaum Gelfman Sharma & Arnoux, LLC today and speak to a lawyer about your rights and options.
