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Title Reports and Title Insurance in Divorce Cases
It is not unusual for divorcing parties to own real estate, whether residential, rental and/or farmland and it is not unusual that said property, if marital, is subject to being split or divided among the parties pursuant to any Judgement of Dissolution of Marriage. Although parties may believe they are current in regard to knowing relative information regarding the real estate, consideration should be given in regard to obtaining title reports in regard to the real estate. Title reports may show any easements, liens, mortgages or other encumbrances against any property. A title report can also identify the owner of record of the property, as well as any unpaid taxes that would have to be cleared before the property could be sold.
The parties may also wish to consider having updated title policies in regard to any real estate they are receiving. Title insurance can protect the parties up to the amount of fair market value of the property and it protects lenders against defects or problems with a title when there is a transfer of property ownership.
In dividing property, the Illinois court considers all relevant factors including the contribution of each party to the value of the property, particularly the contribution of a spouse as a homemaker, the value of the property distributed to each spouse, the length of the marriage, the financial situation of each spouse when the property is divided, (such as the need to give the family home to the spouse who has custody of the children), any obligations and rights arising from a prior marriage of either party, the age, health, station, occupation, income, vocational skills, employability, estate, liabilities, and needs of each of the parties, the custody of any children, and the reasonable opportunity of each spouse for future acquisition of capital assets and income.
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