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I am in the process of a divorce. neither of us have filed…

I am in the...

I am in the process of a divorce. neither of us have filed and my wife is moving out and has just recently contracted to purchase a house and is alledgedly closing on July 31st. Should we file as soon as possible in order to avoid the legalities of marital assets since she has pre-qualified in her name and credit? i don't want to be responsible for her mortgage payments if she defaults on her loan. we both reside in Illinois

Lawyer's Assistant: What steps have you taken? Have you filed any papers in IL family court?

None yet

Lawyer's Assistant: Have you talked to a lawyer about this yet?

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Answered in 2 minutes by:
7/7/2018
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 14,259
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today

Thanks for your patience. So, if she closes on July 31st and if the divorce is not yet finalized, then this is going to become an asset of the estate. Generally, when parties acquire any property during the marriage, then it is property of the marriage and is divisible upon divorce. For you, this means that unless she purchased this property with money not included in your marriage, such as a gift from a friend or an inheritance, it will be divisible upon divorce.

Also, it is probable that you may have to be a co-signer on the deed, perfecting your interest. Technically, you would also be responsible for half the mortgage balance at the time of divorce as well since debt is considered an asset acquired during the marriage.

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You have a few options:

1. A post nuptial agreement that specifically says that this is her sole and separate property and you won't be responsible for the debt or have an interest in the home.

2. After you file for divorce, you could draft a marital settlement agreement that specifically outlines that you won't have any interest or responsibility in the home.

Otherwise, under the law, it's all 50/50.

Because I value input, I would like to know what other questions did you have for me today that I can help out with:-)?

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Customer reply replied 1 month ago
because we haven't file this is a marital asset then is what your saying unless she agrees to file a post nuptial agreement

You got it.

Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 14,259
Experience: Licensed to practice before state and federal court
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Legal Eagle and 87 other Legal Specialists are ready to help you
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Customer reply replied 1 month ago
okay I will let her know. Also, lastly do you think they will require me to co-sign because we are still married?

Ok, excellent. You likely won't be required to co-sign for the loan, but the law in IL will require you to sign as a co-owner on the home's deed.

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