Recent Blog Posts
Shorewood Quit Claim Deed Lawyer: Amending Title By Adding or Removing a Spouse
Whether a couple purchases a home together and later gets divorced or individual purchases a house and later gets married, both instances are sufficient to warrant a change in title to the property. When changing the name on the title, a Quit Claim Deed can be drafted to add or remove individuals from the title. A Quit Claim Deed differs from a warranty deed because no warranty is attached to a quit claim deed. This means the grantor transfers whatever interest they have in the property to the grantee, with no special warranties protecting their interest. Therefore, when adding a spouse to the title, it is imperative to find an attorney that understands the different types of ownership classifications to ensure ease of transition upon the death of one of the spouses. At Peace of Mind Asset Protection, LLC (a division of Gateville Law Firm), our staff and attorneys are thoroughly trained in both real estate and estate planning, so our firm understands the interplay between the two areas of law and can effectively transfer title about the specific factual circumstances of the individuals.
Yorkville Spousal Support: Spousal Support Frequently Asked Questions
How is Spousal Support Calculated in Illinois
The divorce process can often be an emotionally draining, stressful, and trying time for all parties involved. One of the biggest concerns those going through a divorce have is how the divorce will impact their finances. This consists in paying spousal support (known as alimony or maintenance) to the ex-spouse.
What is Spousal Support?
Suppose a judge has determined that the circumstances of a divorce are appropriate to include spousal support. In that case, the judge will then order one ex-spouse to pay the other monthly payments, called spousal support, once the marriage has legally ended. In some instances, if there is a prenuptial or postnuptial agreement, the amount is determined through this agreement rather than by a judge.
What is the Purpose Behind Spousal Support?
A judge will typically order spousal support to be paid from one ex-spouse to the other to help the ex-spouse support themselves and live on their own following the divorce. Generally, people who are found to be able to work on their own are expected to find employment and support themselves. However, it is essential to note a judge is not required to order spousal support.
Aurora Real Estate Investor Lawyers: Business Structure and Asset Protection Strategies
Gateville Law Firm provides advanced business structure planning strategies for real estate investors, landlords, and commercial property owners to maximize asset protection. One of the most popular business entities for such individuals is a limited liability company or an "LLC." The LLC provides flexibility and limited liability protection for business owners and investors. It limits business creditors' reach to the LLC's assets rather than its owners' personal assets.
Plaintiff's lawyers understand the benefits of an LLC's limited liability protection. They often use the Illinois Consumer Fraud and Deceptive Business Practices Act to go after a business owner's assets in case of a judgment. This makes it crucial for business owners and investors to set up an LLC and incorporate their business or real estate holdings. Combining their business holdings and real estate investments makes it more difficult for Plaintiff's lawyers to collect on their judgments.
Losing a Loved One: What To Do After a Death
Losing a loved one is a complex and emotional experience. The death of a loved one is made more difficult when their estate and financial assets are in disarray. If the deceased person had a will or other estate planning documents, their estate would likely go through the probate court. Unfortunately, most people are unaware that a will must be probated and go through a "probate court."
Probate is the legal process to identify a person that will supervise the administration of one's will through the court process called "probate." The probate court will determine and gather the decedent's assets, pay their debts and taxes, and distribute their property according to their will or Illinois state law.
Intestate Succession in Illinois
Intestate succession distributes a deceased person's assets when they do not have a will. When a person dies without a will, the decedent dies "intestate." In Illinois, an intestate person's assets are governed by the Illinois Probate Act. Therefore, under Illinois law, a deceased person's assets are distributed consistently with the Illinois Probate Act. Intestate law will identify the surviving spouse, children, parents, or other relatives to determine the proper heir of a deceased person's estate. Illinois law assumes that a dead person would distribute their estate to their surviving spouse (50 percent) and any surviving children (50 percent). Therefore, the deceased person's children shall have 50 percent of the assets in equal shares. Without a surviving spouse, the entire estate will be distributed to their children per stirpes (in equal shares). If any children have deceased, the deceased person's children will inherit their parent's share of their estate. If no children exist, the surviving spouse will inherit the entire estate.
Divorce Basics in Kendall County, Illinois: Marital Settlement Agreement
Yorkville Divorce Lawyer: Basics About the Divorce Process
Contested vs. Uncontested Divorce
In Illinois, an uncontested divorce is also known as a "dissolution of marriage." When both spouses agree to the significant vital terms of a divorce, and neither spouse challenges the divorce, the divorce is uncontested. The key terms in a divorce that must be agreed upon include, among others, the issues of property, debts, children, and spousal support (also known as alimony). Specifically, this includes topics like the division of marital property and marital debts, child custody and parenting schedule, child support and medical insurance coverage for any children, and custody of pets shared during the marriage.
Do I Need to Attend Court Hearings for My Uncontested Divorce?
The spouse petitioning the court for the divorce (by filing the paperwork with the county) must make an appearance at the final hearing with the court. However, only that spouse is required to attend, so long as the other spouse has agreed to and signed all relevant documents (including the Marital Settlement Agreement, discussed in depth below). At the final hearing, the petitioning spouse must testify to the terms of the Marital Settlement Agreement and the identity of both parties. Further, the judge or the other spouse's attorney, if they are assisted by one, can ask questions that ensure the terms of the Marital Settlement Agreement are clearly understood before they are officially finalized by a court order.
Montgomery Real Estate LLC Lawyer: Assisting Real Estate Investors & Commercial Property
This article will discuss business entities for real estate investors, landlords, and commercial property owners. The most popular business entity is a limited liability company, an "LLC." The LLC is a method to insulate a business owner's assets from business creditor concerns. The LLC provides limited liability protection for its owners by limiting a business creditor's reach to business assets versus the personal business assets of its owners. Business owners are concerned about limited liability protection and protecting their assets from a creditor's lawsuit.
How to Calculate Child Support in Yorkville and Kendall County?
Kendall County Child Support 101
This article summarizes Illinois Child Support. Child support guidelines determine child support in Yorkville and Kendall County. See 750 ILCS 5/505. The income shares model is the child support enacted legislation, effective on January 1, 2019. The child support model calculates total household net income and computes each parent’s percentage of combined net income. Based upon the household’s net income and each parent’s percentage of net income towards the total household income is how Kendall County Child Support is calculated now. 750 ILCS 5/505(1).
Illinois child support aims to make child support obligations more equitable between the custodian and non-custodial parent. Thus, both parents' income shall be considered, and a parent not working may have their income attributed, meaning the Court can establish a baseline net income for that parent.
Kendall County Probate - The Basics of Probate Court
Kendall County Probate Lawyer: Basics of Probate in Yorkville and Kendall County
Probate Court is used to handle a person's estate upon their death. It is recommended that an individual create a comprehensive estate plan with a Trust included to minimize the possibility of going through Probate. While a Will can be used to name intended beneficiaries, it will not avoid the Probate process. Probate can be time-consuming and expensive, so it is essential to find an attorney well-versed in the field. At Piece of Mind Asset Protection, LLC, the attorneys and staff have the knowledge and experience to handle your Probate matter effectively and efficiently, saving you time and money.
What is Probate?
Probate is the process of opening an estate for the deceased person (decedent). The point of Probate is to ensure that the assets held by the decedent are distributed to the persons named in the Will or to the next of kin. In addition, the process is also used to ensure that any debts held by the decedent get paid.
Child Support Modification
Yorkville and Kendall County Child Support Modification Attorneys
Covid-19 has caused significant economic and emotional damage in 2020. Many people have faced reduced income, layoffs; and or a change of circumstances warranting a change in child support. In Illinois, child support may be modified when there is a "substantial change of circumstances" since the last court order. 750 ILCS 5-510(1). The second reason for a change in child support is upon a showing of an inconsistency of income of at least twenty (20) percent. 750 ILCS 5-510(2).
Child Support Modification Petition
A Petition must be filed, which requests relief from a previous court order due to a substantial change in circumstances. A Petition is a legal motion that asks for a change in child support based upon a considerable shift in cases, a significant decrease or income in income, and the healthcare needs of the child or children requiring a change.
The notice must be given to the other side or the other attorney to provide them with a opportunity to respond. Typically, a financial affidavit will be required in the State of Illinois when a party wants child support modification. A financial affidavit is a summary of a person's income, expenses, and assets, which informs the court and the opposing side of the person's ability to pay.
Designated Beneficiaries and Estate Planning: Weakness in Designated Beneficiaries
Yorkville Estate Planning Lawyer: Providing Effective Estate Planning Management Tools
This article will discuss designated beneficiary designations and estate planning. A designated beneficiary is a person or entity named in financial accounts or legal documents to inherit specific assets. Generally, designated beneficiaries are expected for financial accounts such as life insurance policies, retirement accounts, bank accounts, and annuities.
An individual name a designated beneficiary, such as a person or entity, to receive assets or property upon death. A significant benefit of designated beneficiaries is they avoid the probate process and create a smooth transition upon death. The transition period minimizes the costs and provides a smooth administration process to transfer assets from one person or entity to another.
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Yorkville, IL 60560
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