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Recent Blog Posts
What You Should Know About Getting Remarried After Your Divorce
While the divorce rate seems to have stabilized in recent years, and may even, in fact, be falling, nearly one million American marriages are legally dissolved each year. Many individuals, however, are unwilling to give up entirely on the idea of marital happiness. According to a study conducted the Pew Research Center, fully 40 percent of all new marriages include at least one partner who has been previously married. Two in ten are marriages between partners who have both been married before. The study also indicated that nearly 60 percent of all divorced or widowed adults will remarry.
These statistics, it would seem, paint a rather optimistic picture of the American approach to marriage, despite the ever-present possibility of divorce. There are, however, a number of legal issues that may impact a remarriage more significantly than a first marriage. With the help of a qualified family law attorney, you and your spouse should be able to address these concerns and prevent them from becoming bigger problems:
Are You Considering an REO Property?
If you have shared with friends and family members that you are in the market for a new home, there is a good chance that someone has at least suggested that you look into buying a foreclosure property. In this context, a foreclosure property is a home that is being sold at auction by a bank because the owner of the property could not keep up with his or her mortgage payments. At a foreclosure auction, there is the possibility of getting a fantastic deal, but not all foreclosure auctions are successful. When foreclosure auction does not result in the sale of the foreclosure property, the property remains under the ownership of the lender and becomes a real-estate owned property or REO.
Understanding a Foreclosure Auction
When a home is seized by the lender during foreclosure, the home is typically put up for sale in public auction. As such, the property will be sold to the highest bidder. However, in many foreclosure auctions, the bidders are not given the chance to walk through or inspect the home before making their bids. In most cases, the highest bidder will also be expected to pay cash for the property immediately following the auction. The combination of these factors makes buying a foreclosure property at auction a rather risky proposition. It is also why some foreclosure auctions do not result in the sale of the property.
Can a No-Contest Clause a Prevent a Will Dispute?
When a loved one dies, the loss can be very difficult on the surviving friends and family members. The intense emotions of dealing with the loss can often make a grieving family member act in ways that would be otherwise uncharacteristic, leading to serious disputes over a variety of matters. A common point of contention is the deceased person’s will, and serious battles can affect the stability of a family for years to come, if not permanently. In an effort to prevent such issues from tearing apart your family after your death, you may wish to consider including a no-contest clause in your will.
In Terrorem Provisions
A no-contest clause is also known as an in terrorem clause, which is a Latin phrase meaning “by way of threat.” Such a clause may be included in your last will and testament to deter beneficiaries from formally contesting the will. Most no-contest provisions specify that if an heir files a contest to the will, that heir automatically forfeits the portion of the estate intended for him or her. The idea is that, if there is a threat of receiving nothing, or a nominal amount like $10 or $20, a would-be heir is not likely to push for more. It is important to understand that a no-contest clause cannot stop an heir from contesting a will; its only potential impact is to what may happen as a result.
Can I Require My Employees to Sign Non-Compete Agreements?
In today’s highly competitive world, many employers insist that their employees sign non-compete agreements or NCAs. Also called non-competition agreements, these documents are especially popular for employers who hire workers with unique abilities or specific talents. In general, employers have the right to attempt to limit the impact to their brand caused by an employee leaving, but a non-compete agreement could be declared unenforceable if an employer overreaches. Put simply, NCAs can help protect your company, but they must be used properly.
The Basics of Contract Law
If you intend to have your employees sign an NCA, you probably expect the document to be a valid contract. This means that the NCA must meet the requirements of any other contract. Under Illinois law, these requirements are an offer, acceptance, and consideration for both parties. Basically, both sides must reach an agreement to exchange something for another thing—in most cases, the trade is a form of payment in exchange for goods or services. “Consideration” refers to what each party receives. For example, a purchase at a grocery store is essentially a simple contract. The store offer eggs for sale at a specific price—the “terms” of the contract. By handing over your money, you accept those terms. The store receives your money as the consideration, and you receive the eggs as your consideration.
What Happens If I Change My Mind About My Divorce?
Any difficult decision is bound to leave a person having second thoughts. In fact, if you did not have second thoughts, the decision was probably not very difficult in the first place. With that in mind, the decision to pursue a divorce is likely to be among the most difficult choices you will ever make. Despite billboards or websites that promise to help simplify your divorce, the fact remains that ending your marriage is a significant life event that will change you and your family forever. If you have considered the possibility of filing for divorce, it is important to allow yourself the space and time to think through all of your options before you make any decisions that cannot be undone.
Know the Law
It is commonly repeated that half of all marriages in America will eventually end through divorce. While many experts suggest that this figure is an over-exaggeration, divorce is certainly not rare. Illinois law, however, generally seems to take divorce more seriously than the average person does. The statute that governs divorce in the state—the Illinois Marriage and Dissolution of Marriage Act—does not guarantee a quick dissolution of marriage simply because a person files a petition for divorce. Under the law, an Illinois court will only grant a divorce if it finds that the marriage has broken down beyond repair due to irreconcilable differences between the spouses. Before filing for a divorce, you need to be certain that you are making the right choice.
What You Should Know About Selling Your Marital Home During a Divorce
For a dedicated real estate broker, there are few things that as satisfying as helping a client buy a new home or to sell a home at a substantial profit. In many situations, the same broker can help a client with both deals at the same time—selling their current home while buying a bigger and better home for the future. At some point, however, most real estate professionals will eventually find themselves caught in the middle of a contentious divorce—one where the couple is being forced by the circumstances to sell their marital home. To manage such a situation, many real estate agents have developed strategies to help them thrive in what has become known as the “divorce niche” of real estate.
Be Very Patient
If you are going through a divorce, you want the proceedings to move as fast as possible without compromising your best interests. The same holds true for a real estate broker who is trying to help you sell your family home. Selling a house is difficult under the best of circumstances, and the added complications of the divorce can slow things down even more. Your agent might need to get approvals from both you and your soon-to-be ex-spouse, which is often very challenging if the divorce has turned bitter. Therefore, you and your broker will need to be extremely patient as you work on selling your home.
Can I Include My Pets in My Estate Plan?
As you go through the steps of creating an estate plan, you will probably give plenty of consideration to which of your family members will receive a particular asset or a part of your estate. If you have a young grandchild, for example, you could choose to bequeath one of your vehicles to him or her. With children, grandchildren, and other loved ones to consider, many people often overlook their companion animals. Could it be possible to include provisions for a pet dog or cat in your Illinois estate plan? Put simply, the answer is yes, but there are some limitations.
The Basics of a Pet Trust
Under the law in Illinois, you are permitted to make provisions for the care and protection of certain domestic animals through estate planning. In fact, the law explicitly allows for the creation of “trusts for domestic or pet animals”—more commonly known as “pet trusts.” The statute is not precise regarding the species of animals that are eligible to be covered under pet trust, as it simply states that the trust can be set up for the benefit of “one or more designated domestic or pet animals.” Over the years, however, Illinois courts have determined that pet trusts can apply to cats, dogs, and horses, as well as a number of other kinds of animals. Generally, livestock and farm animals are not considered domestic or pet animals.
Why Does Wording Matter in Business Contracts?
Most people were taught at a reasonably young age to be sure to read anything they sign, especially documents that create a contractual relationship. If you own a business, you probably realize the importance of doing so now more than ever. The reason is simple: the wording of your contracts matters a great deal. Moreover, the way that a contract is worded is crucial to the enforceability of the agreement. One misunderstood clause or provision could cost your company thousands of dollars, and the contract might not be enforceable in the way that you understood it to be.
How Poor Wording Can Cost Your Business
Nearly all business transactions are guided by some type of contract, including those between you and your suppliers, your clients, and even your employees. The reality is that poor wording or confusing language in a contract can put your company at risk in just about every way you can imagine. You could face legal action for failing to meet your customers’ expectations. You could find yourself on the short end of deals with your suppliers. You could even be facing wrongful termination lawsuits and other litigation related to your employees.
How is Income Determined in an Illinois Child Support Case?
Child support is designed to help a child of divorced or unmarried parents to benefit from both parents’ financial support. Illinois considers it the right of the child to receive child support, so support payments are totally separate from issues of parental responsibility and parenting time. If you are a parent who is getting divorced or you share a child with someone you are not currently married to, you probably have several questions regarding child support.
If you are the parent with less parenting time, you may be wondering how much your support payments will be. If you are the parent with the majority of the parental responsibilities, or the custodial parent, you likely want to know what you will receive in child support. As with many aspects of family law, the issue of child support calculation can become complex.
Income Shares Model is Used to Calculate Child Support in Illinois
Property Valuations in Commercial Real Estate Deals
If you have decided to acquire any type of commercial property, it is important to be sure that the price you will pay is a fair one. Commercial real estate transactions typically involve the exchange of large amounts of money, which makes a proper valuation critical. In fact, a valuation is generally a requirement for real estate deals that are backed by lender financing.
Understanding Appraisals
A commercial property valuation is accomplished by means of an appraisal that is conducted by an approved appraiser. In order to be qualified as an appraiser, an individuals must undergo specialized education or training, and, in most cases, be certified by a professional organization of appraisers. A real estate broker is not considered to be a qualified appraiser—unless, of course, he or she has completed the necessary certification and training. Therefore, if the broker sets the initial sale price of the property, it is not necessarily backed by a qualified appraisal.
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