The marital settlement agreement it is the art of drafting it. And when one spouse is keeping it and one spouse was getting the equitable interest or the money to share in the house, the spouse who’s retaining the actual physical possession is probably more than likely assuming the responsibility for paying the mortgages. So you would then put in language that the person is absolving the other spouse from any further liability of that. And usually the spouse who is getting the property value and getting paid out his or her share of equity in the house but is not retaining possession of the house, usually he or she will sign over the interest to the other spouse so their name can be removed from the mortgage documents to further inflate themselves from any further liability.
Sean Sullivan is a family lawyer practicing in the Elmhurst, Illinois area at the law offices of Laura M Urbik Kern, specializing in child custody and dissolution in divorce.
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