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Home Purchasing Basics in Illinois

If you are trying to buy a house in Elgin, IL, understanding local real estate requirements and laws can help you save thousands. Here are some tips that can help you make an informed decision: Research Market Trends Reading up on Illinois real estate market trends can help you determine the right time to purchase a home. Timing can make a huge difference when it comes to the cost of the house. This is best done with an experienced real estate agent who is familiar with the market. For example, unlike you, a real estate agent knows that even ... Read more

The Need for a Will and a Trust in Estate Planning

A comprehensive estate plan will have both a will and trust to ensure all financial and physical assets are distributed in an orderly manner after the death of an individual. The process of estate planning and the forming of trusts is currently covered under the Illinois Trusts and Trustees Act. However, starting January 1, 2020, it will be replaced by the Illinois Trust Accumulation Act. Estate planning is considered an important milestone for an individual. The two main instruments used to either distribute financial and physical assets inclu... Read more

Managing Parenting Time with Non-traditional Work Hours

All divorce proceedings under the Illinois Marriage and Dissolution of Marriage Act require a parenting plan to be presented as part of the divorce agreement. It helps identify who has custody of the child and how parenting time or visitation will take place. A pre-planned arrangement helps reduce friction and confusion between both parents, which can ultimately affect the self-esteem and psychological development of a child. Many parents might have non-traditional working hours, which may make it difficult for them to develop a holistic parent... Read more

The Basics of Estate Planning and a Secure Future

Estate planning is an important milestone and a critical part of our adult life. It is the process of structuring and distributing your assets and responsibilities to your family members for a prosperous and secure future. The process can be complex and difficult to keep track of the documents you may need to complete your estate plan. Knowing the basics can help you navigate through the process and ensure you have made a comprehensive plan to secure the future of your family. As you start to plan ahead for your beneficiaries, you should consul... Read more

Negotiating the Best Spousal Maintenance Terms

Spousal maintenance or alimony is usually negotiated during the divorce settlement and approved by a judge before it comes into effect. The amount is sought to support an ex-spouse who might use it to cover their medical bills, education, rent, or other monetary commitments after a separation. The calculations and conditions for a spousal maintained amount applied as per the Illinois Marriage and Dissolution of Marriage Act (IMDMA) that govern the ground for both the modification, termination and approval of any agreements. Negotiating and gett... Read more

Ways to Avoid a Foreclosure

Due to financial difficulties and hardships, there may be times when we are unable to pay our mortgage payments on time. Submitting payment past due dates on a regular basis or skipping payments not only leads to additional fees – it can also lead to potential foreclosure. When a foreclosure process starts by a real estate developer or bank, the homeowner will have to forfeit all their property rights. All outstanding debts are paid by a foreclosure auction. If you are facing financial difficulties and wish to understand ways to avoid a p... Read more

Dynamics of Post Decree Divorce Modifications

A divorce decree is considered final because it contains both present and future provisions in relation to a variety of matters. However, due to a substantial change in circumstances, there may be a request from one party to revisit the ruling, resulting in a post-decree modification. The provisions defining a divorce and subsequent allocation of assets and parental responsibility are guided by the Illinois Marriage and Dissolution of Marriage Act. Considering the complications behind post-decree modifications after a divorce decree is signed, ... Read more

How Long After Bankruptcy Can I Buy A Home?

If you currently own a home in America, you have fulfilled the American dream. Buying a home is one of the fastest and most effective paths to raise wealth in any country – particularly in the U.S. Buying a house is known as a way to store wealth and a way to provide a home for your family. It is also known as a symbol of being independent and is a secure investment for future growth and stability. House Ownership and Bankruptcy With home ownership comes many problems, such as a large amount of debt. Buying a house becomes particularly c... Read more

Differences Between Guardianship and Power of Attorney

What is a Power Of Attorney? A power of attorney is a legal document that allows an individual or an agent to sign important paperwork in an event where you are unable to do so yourself. In this scenario, you will be legally known as ‘the principal’ and the individual representing you is known as ‘the agent.’ An agent has the authority to sign any documents – medical or financial, on behalf of the principal in case he/she is incapacitated. In Illinois, under The Power of Attorney Act, there are primarily three types of power of at... Read more

Child Support Obligations for an Incarcerated Parent

What is Child Support? A child support is a court order that designates a parent to provide childcare and other related expenses. The court will issue an Order of Support, which makes it obligatory for the other parent to pay the child support expenses as owed. In a scenario where the parent, who has a registered case with IV-D Services, can contact them for assistance in enforcing the child support payment order. Child Support for an Incarcerated Parent The responsibility of a parent to pay child support as ordered by the court will not change... Read more