Think twice about keeping a joint mortgage after divorce
If you are getting divorced in Illinois and your spouse is pushing hard to keep your family home, you will want to be very careful about reviewing some facts before you agree to this. If you and your partner have young children who still live at home, you may find it easy to understand why the other parent wants to keep the house so that your kids will be able to have some continuity in their lives amidst a lot of other changes.
However, no matter how strong this emotional tug is, The Mortgage Reports recommends that you step back for a moment and assess the situation financially instead. Imagine for a moment that you agree to give your spouse the home and you receive some other asset. You might get a quit claim deed showing that the home is fully owned by your spouse and this may also be documented in your divorce decree. If your spouse does not refinance the mortgage into their name only you will nonetheless remain financially liable for the home.
You could be approached by the lender if your spouse is late on payments or fails to make any payments. Missed or late payments as well as any foreclosure action can be reported on your credit report as well as your spouse’s.
If you would like to learn more about how to protect yourself if your spouse wants to keep the family home after you divorce, please feel free to visit the mortgages, homes and dissolution page of our Illinois divorce and family law website.