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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 Illinois, alimony is awarded without regard to marital misconduct. According to Illinois divorce law, the judge orders support from one spouse to the other if the parties cannot agree. The court awards alimony in a lump sum or for a fixed or indefinite period of time. The alimony may be paid from the income or property of the other spouse after considering all relevant factors, including the income and assets of each spouse, the needs of each party, the earning capacity of each party, any impairment of the earning capacity of the party seeking alimony caused by marital sacrifices, the time necessary for the receiving party to seek employment, the standard of living established while married, the length of the marriage, the age and health of both parties, and the contributions and services by the party seeking maintenance to the education or career potential of the other spouse.
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