02 Apr Protect Long-Term Interests During a High Asset DivorcePosted in High Asset Divorce
A high asset divorce comes with many complicated financial issues that must be resolved before the process can be finalized. One of the main decisions that must be made during property division is determining what should be done with the mortgage that has been shared between the two parties. Smart financial decisions during a high asset divorce are vital as they will have a major impact on a person’s financial health in the months and years to come.
For many Illinois couples, selling the home is often the best financial decision. This not only allows the two divorcing parties to have a clean break, but it also allows them to split the profits. If one person desires to keep the home, he or she would be wise to refinance the property under the one name so as to avoid future legal and financial complications.
For some situations, renting the property may be the best option. However, the divorce order should clearly define who will manage the property and how the rental income will be divided. In some (albeit rare) cases, couples are amicable enough to remain living in the same home, avoiding the complexities of selling a home and moving.
A high asset divorce involves many complicated financial factors, but a full understanding of possible options may help avoid some of the negative financial impact that a divorce can have. What happens to a mortgage in a divorce is a major decision, but a person does not have to make that decision alone. A complete case evaluation can help an Illinois reader understand the most appropriate course of action.
Source: time.com, “What Happens to Your Mortgage in a Divorce“, Ashley Eneriz, March 29, 2016
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