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Washington Illinois Family and Real Estate Law Blog

Will your foreclosure destroy your financial future?

Building your financial foundation and planning for your future requires consistency and regular monitoring to identify areas where you can improve to prevent debt. However, when you are faced with a crisis such as bankruptcy, overwhelming debt or the foreclosure of your home in Illinois, your future may look pretty bleak. With a commitment to changing your habits and the desire to put the past behind you, even though it may seem impossible right now, you can overcome your current situation and achieve your financial goals.

At the first sign of trouble, you have the possibility of stopping the foreclosure of your home if you are able to effectively renegotiate the terms of your contract with your lender. However, if it is looking like you will have to forfeit your property, Zillow says that it could be three up to seven years or more before you will be eligible to consider purchasing another home. Depending on how quickly you are able to rebuild your credit and the reason why your previous home foreclosed in the first place, that time could be shorter or longer. 

Buying a home with or without a realtor

With the spring season in full swing now, many more signs advertising homes for sale are likely seen throughout neighborhoods in Illinois. If you are like many prospective home buyers, you may find this time of year a good opportunity to peruse open houses and track homes via online listing sites. As you do this, you will no doubt see many real estate companies and agents associated with the homes for sale but once in a while you will even see some offered for sale directly by the owners.

Real estate agents do take a percentage of the home purchase price in the form of commission. This is essentially how they earn their living and income. Some people might think this amount is excessive and want to consider selling or buying a home without the aid of a realtor. However, Bankrate reminds consumers to proceed with caution before making this choice. A real estate sale contract is a legally binding document.

When the divorce process impacts your career

People often focus on the emotional impact of their divorce, or they may think about property division, how their children will be affected by the outcome of the divorce and legal issues that will arise involving a dispute over custody. However, a divorce can affect someone’s life in many other ways. For example, someone who is in the middle of a difficult divorce may be significantly impacted from a career standpoint, whether they have to take time off work, or their job performance is adversely affected by the divorce-related issues they are dealing with.

It is important to point out that the end of a marriage does not necessarily mean that someone will experience a negative impact on their career. In fact, divorce can be very helpful in this regard. For example, someone may have an easier time moving to another city or another state where there are better opportunities for them. Divorce can also bring an unhealthy and toxic marriage to an end, which may allow people to improve their performance in the workplace and advance in other ways.

What can go wrong when closing on a home?

Buying a home is a dream of most people, so it's natural to be quite excited once closing day rolls around. However, be aware that closings can sometimes be rife with issues, some of which may prevent you from securing the home of your dreams. Zillow.com explains what can go wrong during the closing and how you can avoid it. 

Problems with the title search

Why buyers and owners should consider a new property survey

Whether you have lived on your property for 20 years or you are considering buying a new home, it is important for you to be familiar with the land and any structures on it. One way for you to learn as much as you can about the property is to have a new survey done, even if you do not necessarily think it is a pressing need at the time. 

Knowing the exact location of your property lines is just one of the many benefits of getting a new survey done. If you hope to buy a specific piece of land, plan to sell in the near future or simply want to protect your property rights, this can be a smart step. You do not have to wait until there is a problem or you are ready to complete a real estate transaction to benefit from knowing the complete legal description of your property or property you hope to own.

Moving into a new home due to divorce

The divorce process can bring up many challenges, from legal issues that raise questions and concerns to emotional hardships such as depression. Moreover, someone’s life may change in all sorts of ways when their relationship with their spouse ends. For example, they may not be able to spend as much time with their children, or they may need to move into a new home. Relocation can be tough, and there may be legal issues associated with moving as well (such as parental relocation).  We understand how stressful moving can be, especially for a person who is also dealing with divorce issues, but it is pivotal to be prepared for what lies ahead.

Whether you are moving to another part of town or a different state, there are many different factors you may need to take into consideration. From financial issues related to moving to stress and bringing your children with you, there are multiple issues you may be dealing with. However, you should try to avoid getting overly stressed out about moving, and this could also signify a fresh start and an opportunity to pursue new avenues. For example, a better job or the ability to reconnect with old friends and family members can be helpful for people who are simultaneously working through a difficult divorce.

What makes a prenuptial agreement invalid in Illinois?

Prenuptial agreements are not just for the ultrarich or celebrities. If you have any personal or business assets you wish to protect, or if you wish to have control over how your divorce will pan out, you can benefit from a prenuptial agreement. That said, just because you draft an Illinois prenuptial agreement does not mean it is valid in a court of law. There are certain elements that separate a valid prenup from an invalid one. FindLaw details those elements in brief.

According to FindLaw, Illinois courts will recognize a prenuptial agreement that includes a provision regarding the division of property in case of divorce, separation or death. The law will also recognize any provisions regarding the right to sell, buy, transfer, use, exchange, abandon, expend, lease, consume, assign, create a security interest in, encumber, mortgage, dispose of or otherwise control and manage a property. If you and your spouse wish to include a provision regarding the elimination of spousal support, or that dictates spousal support in any way, you have the right to do so.

Tackling debt during a divorce

Divorcing spouses in Illinois often put a lot of time and energy into figuring out how they split up their marital estate. This may include practical things like who gets what furniture or household items as well as larger financial assets like retirement accounts or a house. In addition to assigning future ownership of assets, couples must also figure out how to split up any joint debt.

As explained by SoFi, the determination of which person owns a debt may be made in part based on whether or not the debt is in one person's name only or is in both people's names. Additionally, individual state laws may dictate when one spouse is no longer financially liable for any debt incurred by their partner.

Steps to take in preparation for closing on a property

Whether it is someone's first time buying a home or they have purchased one in the past in Illinois, the excitement and anticipation can be met with a bit of hesitation as the closing date nears. Many people face concerns about whether or not they will be approved for financing, whether or not the contingencies are ones they can uphold and even a little bit of nerves as they question if they are making the right decision. Closing on a home is a big deal no doubt, and the more prepared people are to begin the process, the more efficient and effective it will be. 

Often, when people are selling their property, they will require the buyer to meet a set of contingencies if the sale will go through. Some of these contingencies may also be required by the buyer's lender and the process of purchasing the property will not be finalized until all of the conditions are met. Usually, if a buyer is unable to honor these terms and negotiations are unsuccessful, the sale will not go through. 

Important factors to consider before buying residential property

Buying a home in Illinois is an exciting step for many people, but it is one of the most significant financial and legal decisions a person will make in a lifetime. Due to the serious nature of this type of purchase, it is beneficial for any buyer to carefully consider all options and ask the right questions. If you are thinking about a residential real estate purchase, you would be wise to have the right information before moving forward. 

One of the most significant steps that you can take before you sign a contract is to make sure you understand the implications of this step. Ask questions, get the information you need and make the effort to minimize the chance of surprises from an unexpected cost or complication down the road. It is in your interests to be thorough and prepared.

Our Testimonials

  1. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  2. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  3. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  4. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

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