For many families, the main asset in their divorce is their house. Oftentimes, the house is also the main liability. While some parties simply agree to sell the house and allocate the net proceeds, others want to know their options and the steps required to be able to keep the house after divorce. This is a very common question in the Chicago family law field and divorce lawyers are often tasked with figuring out creative options for their clients.
First, you need to know the fair market value of the house and what is owed, whether that be a mortgage, line of equity, taxes or any other liability assigned to the property.
Here is an example:
Home value: $1,250,000
Outstanding mortgage balance: $500,000
Outstanding equity line balance: $100,000
Total shared total equity = $650,000
Second, can you come up with the money to “buy-out” your spouse after taking into consideration other liabilities and the overall allocation of your marital estate? If so, you also must consider whether or not you are a candidate for a refinance, as you will most likely be required to refinance the house into your name alone (to have your spouse’s name, interest and liability off of the house in a timely fashion). Once you have this basic information then you should discuss your options with an experienced Chicago divorce lawyer; the matrimonial and family law attorneys at WARD FAMILY LAW, LLC are always available for initial consultations with prospective clients and guide their clients through all options and entire divorce process step-by-step.
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