Kankakee, IL asked in Divorce for Illinois

Q: Wife and I are getting a divorce. We bought the house after we were married. She wants to keep the house which is fine.

I know she will have to buy me out. She tried to refinance but couldn't. What happens if she can't refinance and won't agree to sell the house?

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1 Lawyer Answer
J. Richard Kulerski Esq.
J. Richard Kulerski Esq.
Answered
  • Oak Brook Terrace, IL
  • Licensed in Illinois

A: If you can agree to a future buy-out price, you could give her 36-48 months to refi. By that time, she might be in a position to get the financing. If she cannot, then she would have to sell. You'll still be on her mortgage, but you will remain a co-owner and be able to share in any upswing in market prices.

If you do this, be sure to change your ownership from joint tenants to tenants in common.

If the buy-out doesn't work, the judge will order that the house be sold at the time of the divorce.

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