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To begin the divorce process (also called dissolution of marriage) in Illinois, one or both spouses need to file a Petition for Dissolution of Marriage. The Petition for Dissolution of Marriage tells the court information about the spouses, the marriage, the children, if any, the assets owned by the parties, the grounds for divorce, and other matters required by law to be included.
Parallel parenting, unlike co-parenting, is a plan whereby separated or divorced parents raise their children separately. Under a parallel parenting plan, the parents don’t participate in events together and keep communications minimum.
Coparenting with someone who has NPD (narcissistic personality disorder) makes an already complex situation even worse because the other parent is more concerned with his or her interests than what is in the child's best interests.
Lease options are agreements that give tenants an option to purchase a property during or at the end of their leasing period. These agreements allow investors to sell rental properties to their tenants without entering into a new agreement.
A breach of contract occurs when one or both parties fail to perform a necessary term of the contract, such as payment or provision of services. Contracts are binding agreements which describe the reciprocal duties each party to the contract must perform.
In Illinois, under certain conditions, personal injury settlements are considered part of the marital property and therefore may be subject to asset division during a divorce proceeding. Certain items, like gifts or inheritances, are not considered marital property.
The FHA 203K loan is a type of loan used to refurbish or refinance a home. Further, FHA 203K loans are earmarked for those living “primary residences,” so they are specifically useful for families who want to rehabilitate their current home. These loans allow regular people and investors to fix up their homes using a single, affordable loan.
Selling a home in a buyer’s market (i.e., a slow market) is more complicated, but it is possible. Sellers can remodel and repair their home to update it for the modern buyer. Sellers can also work with a reputable real estate agency to stage the home and photograph it attractively for buyers.
The pandemic is furthering the divide between luxury homeowners who experienced a boom in equity accumulation and lower- and middle-income families struggling to purchase their first home.