Category Archives: Divorce Finances

Negotiating to Keep Your Home After a Divorce

home, DuPage County divorce lawyerOne of the biggest struggles for many divorcing couples is determining which party, if either, will get to keep the marital home and how the finances can be arranged to make it happen. When you and your spouse share a mortgage on a home, ending one party’s responsibility is not usually as simple as taking his or her name off of the note. If you are intending to keep the home, transferring the mortgage into your name alone is a process that may take months or even years, and preparation is absolutely vital.

Review the Feasibility

Before jumping in, you need to take an in-depth look at what your post-divorce financial situation will look like. If you are like most people going through a divorce, it is important to keep in mind that you will be required to support yourself—with or without some help from spousal maintenance—on a single income. You will want to make sure that you cannot only afford the mortgage payments but also all of the expenses associated with owning a home as well, including taxes, utilities, repairs, insurance, and more.

Moving Forward Alone

Once you have determined that keeping the home is, in fact, realistic, and your spouse has agreed to the decision, you will probably need to provide some sort of compensation to your spouse to offset his or her portion of the value of the home. You may choose to draw directly from the equity in the home or offer some other asset or property of value to do so. Either way, you will most likely need to take out a new mortgage on the home, listing you as the sole borrower. Your spouse will probably be strongly supportive of this idea so that he or she cannot be held liable for any possible future defaults.

Potential Complications

Depending upon your specific economic circumstances, it may take some time to get the mortgage fully into your name. Cashing out equity, for example, may raise the mortgage to a level that you cannot currently afford, so you may need to increase your income. You will want to begin your efforts as quickly as you can, starting as soon as you realize that divorce is imminent and that you are intending to keep the home. It is possible to work an agreed-upon timeframe into the terms of your divorce settlement, but both of you will want to keep that period as short as possible for the sake of financial security.

If you have questions about ways to keep your marital home in divorce, contact the experienced DuPage County family law attorneys at Andrew Cores Family Law Group. We offer a free, no-obligation consultation in which you can discuss your case, ask questions, and get the answers you need to make informed, responsible decisions. Call 630-871-1002 today to schedule an appointment and put our knowledgeable team to work for you.

 

Sources:

http://www.nytimes.com/2015/11/01/realestate/divorce-and-the-shared-mortgage.html

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000

Keeping Costs Under Control During a Divorce

costs, DuPage County family law attorneyA divorce can be an extremely expensive undertaking in terms of both money and time invested. As a matter of fact, most individuals who are thinking about a divorce tend to ask about the associated costs as one of their first questions. It is impossible to predict exactly how much your divorce will cost you, as the related expenses can vary dramatically from case to case. Your costs will largely depend on the circumstances of your situation, the level of cooperation between you and your spouse, and your expectations regarding the outcome.

Planning Ahead

Preparation is among the most important ways that you can facilitate a cost-effective divorce. Your planning should begin several months before you file your divorce petition. To begin, make a comprehensive list of what you own, including both marital and non-marital property, and think about what your priorities are. Decide which things you want to keep, which things your spouse can have, and which things could go either way. If both of you agree that a divorce is your best course of action, you may be surprised at how well can cooperate at this point.

If you have children, you will need to begin making similar plans regarding them as well. Deciding on parental responsibilities is usually more difficult than dividing property, but it is important to begin the conversation as soon as possible. Every issue that can be resolved in advance is one less concern that you will need to spend time and money on once the divorce actually begins.

Choosing Your Battles

No matter what you may have heard, it is not really possible to “win” a divorce case, but there are often two losers when a divorce becomes a breeding ground for acrimony and bitterness. When you are tempted to stand your ground and fight tooth-and-nail over small details, remember that your costs are continuing to accrue.

Your time would probably better spend on determining a few issues that are really worth your attention and perseverance. Once you have identified those, let the other things go. If your soon-to-be ex is demanding to keep a piece of furniture that you bought together—and is not that important to you—recognize the temptation to argue about it for the sake of arguing, then let it go. It is likely that your spouse will offer you the same courtesy over another item that matters more to you.

Hiring an Attorney

At first glance, it may seem ridiculous to try to save money by paying someone to help with your divorce, but hiring a lawyer can help reduce costs during your divorce and in the years to come. Your lawyer can help you file the necessary paperwork, which minimizes the chance of errors. Additionally, your attorney can help you avoid mistakes that lead to thousands of dollars in unnecessary spousal support, child support, or forfeited assets.

If you would like to learn more about how an attorney can actually save you money during your divorce, contact a Wheaton family lawyer. Call 630-871-1002 for a free, no-obligation consultation at Andrew Cores Family Law Group today.

 

Sources:

https://www.moneytalksnews.com/slideshows/15-ways-to-save-money-on-divorce/?all

https://www.huffingtonpost.com/susan-saper-galamba/top-5-ways-to-save-money-_b_2052591.html

Most Common Financial Mistakes Made During Divorce

Wheaton divorce lawyersDivorce is not only a personal decision but also a financial one as well. When a couple has mingled their assets and property through marriage, undoing this entanglement can be quite challenging. There are many things to keep in mind when deciding who will get what during your divorce. Should one of you keep the house or should you sell it? Who will keep which car? Will one of you be required to pay spousal maintenance or child support? Divorce can be costly, both emotionally and financially. During your divorce, make sure to avoid these common financial mistakes.

Letting Pettiness Distract You from Your Goals

Understandably, many divorcing couples struggle to cooperate or even to speak civilly. Marriages that end due to an affair or another breach of trust can be especially hard to end amicably. However, allowing negative emotions to drive your behavior during a divorce can be costly. Some couples end up spending thousands of dollars during divorce litigation arguing over issues that are, in reality, not that important. In order to end your marriage quickly and at minimal cost, you may have to swallow your pride and compromise on some issues.

Not Considering the Future

On the other end of the spectrum, it can be difficult to consider the big picture when getting divorced. You may be so anxious to end your marriage that you agree to terms that will not benefit you in the long run. For example, many people do not want to leave their marital home after a divorce. You may fight to get ownership of your house only to be burdened by expensive mortgage payments or taxes. Some people find that a large home is too much for them to maintain as a single person. Make sure to be reasonable when considering your future capabilities during divorce.

Attempting to Divorce Without Help

Divorce is a complicated legal process which is only made more complicated by considerations such as children, shared property, retirement accounts and investments, family-owned businesses, and large differences in income or assets. If you have any of these or other complications, you should not attempt to end your marriage without help. Some couples find that using mediation or pursuing a collaborative divorce can provide them with the guidance they need without incurring the expense of divorce litigation.

Divorce Attorneys Serving DuPage County

At Andrew Cores Family Law Group, our experienced Wheaton divorce lawyers provide the legal guidance divorcing couples need to resolve their issues efficiently and without unnecessary costs. Schedule your free initial consultation with our dedicated team by calling 630-871-1002 today.

 

Sources:

https://www.usatoday.com/story/money/personalfinance/2015/03/07/adviceiq-divorce-finances/24536371/

https://www.huffingtonpost.com/the-stir/7-top-divorce-fails-by-wo_b_5804596.html