The Differences Between the Property Title and Mortgage with Your Marital HomeExcept in rare circumstances, only one of you will continue to own your marital home after your divorce. The most contentious issue surrounding your marital home will be who will keep it or whether you should sell it and divide the proceeds. If one of you is keeping your house, it is important to complete the agreement by legally transferring ownership and financial responsibility to one person. As the person keeping the home, you do not want your former spouse to have ownership rights over the property. As the person who is giving up the home, you do not want to be liable for mortgage payments on a house that you no longer own.

Property Title

The property title for your house is your ownership interest in the house, which can be full or partial. When you co-own a home with your spouse, both of your names are on the title to show that you each have partial ownership of the house. If your spouse agrees to give you full ownership of your marital home, you will assume your spouse’s ownership interest in the title. A deed is a legal document that transfers a property title to a new owner. Quitclaim deeds are the most common deeds used during Illinois divorce because:

  • It is a quick and relatively simple process; and
  • The recipient knows that the grantor owns the property and has the right to transfer it.

If you complete the deed while you are still married, you should be able to avoid a transfer tax because it is a gift between spouses.

Mortgage

Transferring your portion of the property title to your spouse does not remove you from the mortgage on the house. You could still be liable if your spouse falls behind on mortgage payments, which would hurt your credit. The spouse who keeps the home needs to refinance their mortgage in their name only. Refinancing could be problematic if you have a poor individual credit history or cannot prove that you can afford regular mortgage payments after your divorce. Receiving spousal maintenance could help determine whether you will be able to refinance your mortgage.

Contact a Kane County Divorce Attorney

There are financial consequences to keeping your marital home after a divorce, such as paying your mortgage, property taxes, utility fees, and maintenance. In some situations, it may be better to allow your spouse to keep the home or to sell it. A Batavia, Illinois, divorce lawyer at Van Larson Law, P.C., can help you decide what you should do with your marital home. Call 630-879-9090 to schedule a consultation.

Source:

https://www.accunet.com/blog/refinancing-divorce-3-periods-time/

Posted in Batavia Divorce Lawyer, Divorce, Family Law, Illinois divorce lawyer, Kane County family law attorney, Property Division | Tagged , , |

Four Factors When Seeking a Job After DivorceGetting a divorce may mean having to join the workforce for people who were primarily relying on their spouse for income. For other people who already work, they may need a better paying job to support themselves. Spousal maintenance payments can help a lower-earning spouse maintain the lifestyle that they were accustomed to during their marriage. However, courts often grant maintenance on the condition that the recipient must make a good-faith effort to better their financial situation. There are several factors that you must consider when trying to find a job after your divorce:

  1. Your Career Prospects: Did you previously have a job or career? Some people leave their jobs or do not seek employment in order to focus on their home while their spouse focuses on their career. Having prior experience in a job or training in a career will improve your chances of being hired. People with limited experience are often limited to entry-level jobs that do not require specialized skills.
  2. Your Financial Needs: Besides identifying what jobs you qualify for, you need a target income level based on your budget. How much of your basic living expenses would your income pay for? Between your income and your support payments, will all of your expenses be covered? Does the job have opportunities for advancement and increased pay? Your job search may not be in good faith if you turn down one job to take another job that pays less.
  3. Your Family Needs: If you have children, you must consider how your job may affect your ability to fulfill your parental responsibilities. Would your work hours conflict with your parenting time? Even if you find a job with flexible hours, you may need to modify your parenting schedule. If your new job would require you to relocate with your children, you will need a compelling reason why this relocation is in your children’s best interest, such as it being a superior career opportunity that is not available where you are currently living.
  4. Your Education: More career opportunities may be available to you by completing post-secondary education, whether it is updating your existing job skills or learning a new career. This often means going back to school but could involve vocational training programs. Spousal maintenance payments can support you while you are completing your education. You need to show a clear path to obtaining your degree or certification and what career you will pursue.

Contact a Kane County Divorce Attorney

You need a strong financial foundation from your divorce to support you while you search for your job. A Batavia, Illinois, divorce lawyer at Van Larson Law, P.C., can help you determine your budget and what you need from your marital properties and support payments. Schedule a consultation by calling 630-879-9090.

Source:

https://medium.com/@squareofj72/the-abcs-of-going-back-to-work-after-divorce-cc8d8d17bc3f

Posted in Batavia Divorce Lawyer, Divorce, Illinois divorce lawyer, Kane County family law attorney, Spousal Maintenance | Tagged , , |

Going on Vacation as a Divorced ParentSingle parents need to take the opportunity to go on a vacation with their children, even if the idea seems less exciting after a divorce. Divorced parents see their children less often than when they were married because of the division of parenting time. A trip is an opportunity for the parent to bond with the children and create happy memories. When planning a vacation with your children, there are several factors related to your divorce that you should consider.

Parenting Plan

You do not need to limit your vacation so that it fits within your regular parenting schedule but will need to discuss your vacation plans with your co-parent:

  • Your co-parent has a right to know when your children are going to be out of town;
  • Your co-parent must agree to any deviation in your parenting schedule; and
  • You may need your co-parent’s permission to travel with your children, depending on where you are going.

Your co-parent is more likely to cooperate with your vacation plans if you tell them well in advance. If you are asking for a greater-than-normal share of parenting time, you should offer your co-parent additional parenting time on another date. Your co-parent may have a right to block your planned trip if they believe you are taking the children to an unsafe place or otherwise putting them in danger.

Planning a Trip

Before you talk to your co-parent, you should have an idea of where you will be going for your vacation. You can make more concrete plans once you know that you are clear with your co-parent. There are several questions you should ask before choosing a destination:

  • What activities would both you and your children enjoy?;
  • What is your budget for the trip?;
  • How well can you attend to your children as a single parent?; and
  • Should this be an opportunity to visit family?

Your children should participate in deciding where you will be going and what you will be doing. As a parent, you must understand what is practical. You may not have the money for an exotic vacation or the energy for a high activity vacation if you are the sole caretaker of the children. It may help to invite another trusted adult, such as a family member.

Contact a Batavia Divorce Lawyer

You and your children deserve the excitement of a vacation after the trauma of going through a divorce. A Kane County family law attorney at Van Larson Law, P.C., can advise you on how to add vacation time to your parenting plan. To schedule a consultation, call 630-879-9090.

Source:

https://www.travelandleisure.com/trip-ideas/family-vacations/why-solo-parent-travel-important

Posted in Batavia Divorce Lawyer, Child Custody, Coparenting, Divorce, Family Law, Illinois divorce lawyer, Kane County family law attorney | Tagged , , , |

Parentage Not Presumed for Fathers in Same-Sex DivorceThe same divorce laws apply to same-sex spouses in Illinois as they do to any other married couples. There is the same presumption of the equitable distribution of marital properties and allocation of parental responsibilities. The average same-sex divorce may be slightly different from the average heterosexual divorce because the recency of the same-sex marriage law makes it unlikely that they will be divorcing after a long-duration marriage. Divorcing same-sex spouses are more likely to have unique complications with establishing legal parentage of their children, which can impair one of the spouse’s parental rights.

Establishing Parenthood

The Illinois Parentage Act of 2015 defines four ways that someone is legally presumed to be the parent of a child if they did not give birth to the child:

  • The person is married to the mother at the time of birth, excluding surrogacies;
  • The child was born within 300 days after the mother and person were divorced;
  • The person and the mother were married at the time of birth, but the marriage was later ruled invalid; or
  • The mother marries the person after the child’s birth, and the new spouse agrees to be the parent.

The law establishes a clear path to legal parentage as long as the biological mother is one of the spouses. This works for two married women when one of them uses artificial insemination to have a child. However, two married men do not have the same presumptive parenting rights when one of them uses a surrogate in order to be the biological father.

Adoption

A man is not automatically presumed to be the legal co-parent of his husband’s biological child, even if he has acted as the child’s parent since its birth. He may not have the right to parenting time with the child if he divorces the biological father or the biological father dies. Adoption is the best way to establish legal parentage of the child in this situation. The non-biological father can petition for second-parent adoption, which the court should approve as long as the biological father is cooperative.

Contact a Kane County Divorce Lawyer

All divorces are complicated and emotional experiences, whether they involve same-sex or different-sex spouses. You need a divorce lawyer to make sure that you reach a divorce settlement that meets your needs for life after marriage. A Batavia, Illinois, divorce attorney at Van Larson Law, P.C., can answer your questions and lead you through the process. Schedule a consultation by calling 630-879-9090.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=3638&ChapterID=59

Posted in Batavia Divorce Lawyer, Child Custody, Coparenting, Divorce, Illinois divorce lawyer, Kane County family law attorney, Paternity, Same Sex Marriage | Tagged , , , |

Valuing and Dividing a Business in DivorceMarital property in a divorce includes anything that either spouse has bought or contributed marital assets to during their marriage. For business owners, this means that their business is likely included in the division of property, even if they started or purchased the business before their marriage. As with any property, you and your spouse can claim an equal share of the business. However, a business is different from other properties in how you will assess its value and divide it.

Dividing a Business

There are three ways that you can divide your business during a divorce:

  1. One of You Retains Ownership: If only one of you is involved in running the business, the most sensible option may be to give complete ownership to that person. However, the person who receives ownership will need to compensate the other spouse with marital properties of similar value. You are essentially buying out your spouse as an owner.
  2. Both of You Own the Business: Co-owning a business means you will remain financially connected to your former spouse, but you do not necessarily have to work together. One of you can be in charge of operating the business or have a larger ownership share. Even if you are not involved in the business, you may want to maintain an ownership interest in the business if you believe you can profit from it.
  3. You Sell the Business: In certain situations, it may make sense to sell the business and split the money you receive with your spouse. You may be planning to retire or want to pursue another business venture. However, the sale process can delay a divorce as you wait for a buyer and make sure you receive fair value.

Business Valuation

No matter how you decide to divide your business, you will need to assess its value. A business’s value is measured by its:

  • Revenue, minus expenses;
  • Capital properties; and
  • Future earning potential.

Other factors may add to or subtract from the value of the business, such as its location and the personal equity that the owner contributes. You should each hire your own assessor to determine the value of the business. Your spouse may have an incentive to misstate the value of the business to gain an advantage in the division of property.

Contact a Batavia Divorce Lawyer

How you value and divide a business can be one of the most consequential aspects of your divorce. A Kane County divorce attorney at Van Larson Law, P.C., can help you protect your business or make sure that you receive fair value for it. To schedule a consultation, call 630-879-9090.

Source:

https://www.forbes.com/sites/catherineschnaubelt/2019/03/15/how-to-divide-the-family-business-in-a-divorce/#464ef4e642fe

Posted in Batavia Divorce Lawyer, Divorce, Family Law, Illinois divorce lawyer, Kane County family law attorney, Property Division | Tagged , , , |