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Navigating Family Dynamics: Understanding New HOA Laws in Arizona

Understanding New HOA Laws in Arizona

Many people are familiar with the idea of Homeowners Associations (HOAs) even if they have never owned a home in an HOA-governed neighborhood. Put simply, HOAs are groups of homes or properties that enjoy certain benefits and services in exchange for monthly or yearly fees that maintain common areas. While this may seem mundane, things are changing in Arizona-and these changes affect both families living in (or considering moving to) these communities.

Scott L. Levine is a family law attorney who assists his clients with divorce and cohabitation matters. The following article discusses what HOAs are, how they work, and how comprehensive new HOA laws in Arizona may impact family law and divorce matters.

HOAs are groups of homes or properties that enjoy certain benefits and in exchange for monthly or yearly fees that maintain common areas. These associations are meant to provide a way to keep common areas of properties uniform and well-maintained.

Because these associations are a group, HOA agreements fluctuate and change over time. With these changes come laws affecting HOAs and more specifically, the residents in these associations. Like all law, the HOAs are relevant to the people who live within their boundaries.

The HOA will take care of patching up common roads, maintaining common areas such as pools, and upholding the association agreement. Most importantly, the HOA secures the timely payment of fees, which can run into the thousands of dollars.

The answer is simple-these laws affect how things such as assets are divided in divorce or cohabitation arrangements. HOA laws are most applicable when referring to child custody matters, property division, and other lawsuits that could have a personal property component-namely, residential and rental properties.

Like all things in family law, the important thing is to keep up with local laws. Gathering the facts about local laws and ways that they can impact your family before you take legal action can save you tremendous time and stress.

While many of the laws are not directly related to households, the consequences can be harsh. When it comes to matters such as kids and property division, it is essential to understand the local laws and how they can impact your lawsuit.

Key Changes to HOA Law in Arizona

These changes to HOA laws in Arizona bring up questions about what will happen to the homes in these communities if divorce is being filed or a separation is being sought. Arizona exclusively divides property in the event of divorce-all assets and debts are split down the middle. New laws can change this process or make it run a bit smoother-but more importantly, these laws can affect how a judge sees assets during a divorce.

When a spouse wants to keep the home during a divorce, they must often prove that the home is of greater value to them than the soon-to-be ex will have, considering the marital estate as a whole. Modifications to HOA laws in Arizona may seem like they cannot be of concern during a divorce. However, understanding what the laws say about ownership disputes can be beneficial information for divorcing couples.

Enforcement can severely harm the parties it impacts-especially if some homeowners feel that their privacy has been invaded by people who do not live in the community. For families who have kids, this problem can occur while out with friends who lack the same privileges and amenities.

While these laws are not designed to have much impact on families in the strangest of situations, it is still wise to avoid breaking the law in your community. Familiarize yourself with these laws so that you, your HOA, and judges in your local courts are not left with a headache-especially if you are facing a divorce filing.

These changes to HOA laws in Arizona were recently instated. It is important to recognize what they offer to families living in these neighborhoods and the legal impact that they can have on divorcing couples. Scott L. Levine is a compassionate family law attorney who can assist families and individuals with concerns that may arise due to these laws.

Family law, divorce, child custody, cohabitation agreements-the possibilities go on. Regardless of the legal issue you are facing, Scott L. Levine can help you find the right plan to overcome these recent changes to HOA laws in Arizona.

How Construction Retainage Laws by State Can Impact Family Finances

The State by State Guide to Construction Retainage

The state by state guide to construction retainage shows how various states handle the challenging task of retaining a percentage of total financial outlay until a project is fully complete. Individuals engaged in construction often have a difficult time finding the funds to continue operations after receiving retainage, which creates a plethora of problems for contractors and builders. Families undergoing divorce also have their share of struggles, and often it’s difficult to navigate newly available divorce settlements along with increasingly elusive retainage. Thankfully, construction retainage laws by state can shine a light on divorce-related asset division laws.

Understanding retainage, which is defined as a portion of the total financial payout by a project owner, is crucial to sound financial planning during a divorce. In most cases, a predetermined percentage of the total value of a project is withheld until the construction lender or client deems the project “complete.” While the legalities surrounding retainage vary by state, the general concept holds that at least 5 percent of the total amount going out is withheld until the final work is completed. For contractors and builders, this can add up to thousands of dollars that are unavailable when needed.

Most individuals who receive retainage payments can vouch for the money already spent on individual projects, leaving them struggling to scrape together funds to continue working. Contractors with overwhelming expenses often view the retainage as an interest-free loan, while lenders and clients view the retainage as justifiable and even necessary. For couples filing for divorce, retainage can impact financial planning. The state in which the couple resides and the state laws governing the retainage can create additional challenges. It’s for this reason that consulting with a divorce settlement attorney is highly recommended.

Many family law attorneys have handled cases in which the contractor spouse has failed to budget for the initial retainer, either by neglecting to plan or by misplacing the documents that prove the retainage exists. One couple claimed that the wife’s take-home income of $70,000 was insufficient to cover their mortgage due to high credit card debt. The husband did not itemize his expenses, but he claimed to earn $120,000 annually. The situation put the wife in a tough position. If she had not signed the property settlement agreement, she would have been required to pay off the debts on her own. Thankfully, the parties were able to provide a certificate of completion that proved the retainage existed, and she only had to give up 5 percent of it.

The above case study is just one of two common scenarios that many family law attorneys encounter. The other is when the spouse with the retainage refuses to sign. This situation requires the assistance of a family law attorney who can assist the couple in uncovering the truth behind alleged retainages. Retainage could exist as an uncashed check, empty envelope or other seemingly legitimate form of proof. Without the signature of both spouses, the appear liable for any expenses. A complete analysis of all options, including appeal, is the best way to ensure that evidence is properly submitted and the divorce settlement is fair to both spouses.

The term retainage tends to bring negative associations to those in the construction industry who have experienced a lack of willingness on the part of a lender or client to make payment. However, for couples preparing for divorce, the term can have a different meaning. Regardless of why the retainage exists, it is a good idea to consult your family law attorney if you are planning on a divorce. Many attorneys are able to manage communications between spouses so that an agreeable outcome is reached. The results achieved by working with an attorney may be surprising.

AFSP – Out of the Darkness – University of Pittsburgh Campus Walk

We are proud to announce that our 13+ year support for the American Foundation for Suicide Prevention (AFSP) continues with our sponsorship of the second annual AFSP – Out of the Darkness – University of Pittsburgh Campus Walk.

To date we have been a part of teams that have raised tens of thousands of dollars for suicide prevention and mental health awareness, and are honored to be able to partner with our Law School Alma Mater to continue expanding our dedicated efforts supporting a cause near and dear to us.

We have maintained links to many helpful related resources on our Free Resources page and always encourage anyone to utilize the many people and places that exist for those who are suffering silently. We seek to end the stigma and look towards education, outreach and assistance to all those that they would benefit. It takes courage to stand up and ask for help, but it is worth it.

Our Pittsburgh, PA Family Law difference; Chat for free before there’s a fee.

Chat for free before there’s a fee™.

Many years ago, when I started my own firm, I sought not the perceived prestige, but doing right by the people sitting across from me at my conference table.

As time has passed my passion for service and helping others has only grown. I liken it to all the enthusiasm of a new lawyer tempered with the battle tested, hardened experience that’s only gained from the tests of time.

What you get from me:

  • Approaching 20 years of experience.
  • The understanding that there is no substitute for experience
  • Perspective, wisdom, knowledge.
  • A free consultation to see if we’re a good fit for each other.

More options for clients.

  • I offer boutique concierge type services.
  • Small and narrowly tailored Pittsburgh Family Law counsel, focused on client satisfaction.
  • An established brand with cutting-edge systems.
  • Mobile. Agile.
  • Direct lawyer contact without needless overhead for outdated staffing models, translating to lower hourly rates.

I don’t take a lot of clients, but the ones I do accept get impeccable, unmatched attention, commitment and service. The results and reviews speak for themselves. Let’s work together for your best future.  Call today: (412) 303-9566.

Navigating Lease Agreements: The Role of Stamp Paper in Family Law Contexts

In the realm of family law, documentation is not merely a formality but an essential element that can have significant consequences for individuals and families. In particular, documents related to property ownership, leasing, and settlements are critical when courts make decisions about asset division in divorce settlements. This can even include leased assets that are not in the formal name of an individual but should be considered in a divorce proceeding. This is an example of how seemingly small details can become pivotal in a family law context.

While you might not think about some aspects of legal proceedings on a day to day basis, the truth is that they affect everyone. Along these lines, you may not spend much time dwelling on the purchase or sale of stamp paper for lease agreement, but the truth is that this is serious business for those who must use this type of document to conduct basic leasing transactions. This article will explain some of the basic components of stamp paper for lease agreement, as well as its uses in the context of lease agreements.

In the most basic sense, stamp papers are pieces of paper on which leases or other important documents can be officially signed. They are usually legally mandated for specific transactions in the sale or leasing of properties. For example, they can be used in the context of tickets for rail or air transportation, or contracts. Stamp papers are subject to the jurisdiction where the issue takes place. As such, they have a specific cost or fee associated with them.

While the purchase of stamp paper may seem like a minor detail in the grand scheme of transaction, it has important legal uses. One of the most important uses of stamp papers is to keep track of transactions, which prevents fraud or misappropriation. In this way, they act as official records of transfer or sale. They can also be used to measure the legal value of a property by comparing the stamp duty amount to other components of the transaction.

As noted, stamp papers are not only common in real estate, but are also prevalent in the purchase and sale of leases. Lease agreements can be used by landlords to sell their property, while stamp papers are then used to validate the transfer. By using a lease, as opposed to an outright sale, the current owner can still retain control over the transferral of property should the arrangement fall through. If the sale falls through, the original owner can continue to maintain the property with the same rights as before.

Lease agreements are most often relevant in the context of divorce settlements. For example, if a couple owns property that is mostly leasehold, the court will have to decide how to address this property in the context of the settlement. Even if a property is a leasehold, it must be eventually formally transferred to someone. Whether a lease agreement is sufficient to resolve the indicia of ownership that the court requires in a divorce proceeding will ultimately depend on the state or jurisdiction in question.

Governmental authorities are responsible for the use of stamp papers in the States. As such, the specific requirements for their use are subject to variation. In most cases, however, stamp paper fees are determined based on the purpose for which the stamp is used, the nature of the transaction, and state-level statutes. Any type of legal agreement can require a stamp paper, including those for which another type of contract is commonly used. This is why it is always advisable to consult with a knowledgeable attorney before finalizing any type of purchase or sale at a state level.

Even if it is possible to enter into an agreement without first purchasing stamp paper, this could cause more issues than the deal is worth. This is particularly true of property divisions in divorce, since lease terms are rarely addressed in formal manners that would prevent ambiguity. Even if an agreement can be reached, without the purchase of proper stamp papers, it will still be necessary to go back and buy the stamp paper, upon which to later resell the property in question and retain the same rights as the original transaction.

Although it is likely that stamp papers will both be around and relevant for some time, there are a variety of reasons why they might change in the future or be completely replaced. In a virtual age, for example, it is possible that stamp papers could be replaced with a complete electronic system. In addition, there are countries where there are movements to abolish stamp papers altogether. In the long run, however, the way that we record property transfers and sales may change, but the underlying need for property documentation is here to stay.

For more information on legal documentation and its implications, you can visit this Wikipedia page.

Navigating Family Law in Edmond, OK: How to Choose the Right Attorney with Compassion and Expertise

Choosing the Right Family Law Attorney

When you are experiencing a major life event where the future of your family is at stake, it’s not the right time to select a lawyer who says he does “a little bit of everything”. It’s essential to choose an attorney who is familiar with family law in order to help ensure the best outcomes for you and your family. Just as you wouldn’t want a podiatrist to perform heart surgery, it only makes sense to choose a legal professional who specializes in the area of law in which you need assistance.

For example, do you want to hire a real estate attorney to handle your custody issues? When your family is involved, you need someone who can provide the most accurate information, legal guidance, and assistance in order to protect your family from the consequences of poor legal representation. That’s why Scott L. Levine in Pittsburgh wants is to ensure that his clients receive the highest quality representation possible by not only providing free consultations but also using his vast experience and knowledge to ensure each client receives the most personalized assistance and the best outcomes available.

Family law can be one of the most complex areas of law, especially if divorce and children are involved, so you want to have someone with extensive legal experience on your side. Levine is sensitive to situations involving custody disputes and other matters that affect children. He believes that a person going through a divorce should not pay more than they can afford. However, if he encounters parents who are attempting to alienate their children from each other, he has been known to “throw away the discount” and solely focus on representing the best interests of the children.

Sometimes those conversations with a judge or magistrate aren’t enough to help resolve the child custody issue, and litigation may be required to get the desired result – that’s where Scott L. Levine provides compassionate legal counsel that his clients need to successfully navigate through the legal system. He is an aggressive advocate for his clients when necessary, and is respected by judges and court personnel, as well as his clients and their families.

When you initially meet Scott Levine for your free legal consultation, your needs and desires will be listened to, assessed, and accounted for when developing an action plan of how to approach your particular scenario. You will receive information and guidance on what to expect throughout the legal process that the comprehensive family law attorney in Edmond will be there for you through the entire journey, providing counsel and representation every step of the way.

If you’re in need of legal guidance or assistance in high conflict family law matters, then Scott L. Levine is here to help in the same manner. We use a variety of approaches to communicate to our clients. One size does not fit all, so we will first determine what your goals and objectives are and then act accordingly. We know that the legal process is confusing at times and even overwhelming, so communication is key.

Our philosophy is family centered – much like Scott Levine’s practice and how he advocates and approaches every situation with clients. When searching for an “family law attorney ed” for family law issues, choose the right lawyer who has the experience and compassion necessary to help you achieve the best outcome for you and your family’s future.

Navigating Contract Law Pitfalls: Insights for Family Law Clients

1. What is contract law and why is it important? Contract law or the “law of contracts” is the area of law that deals with contractual obligations, whether written or verbal. Those who have heard of or dealt with contract law may have a slight notion of how it works if they have ever signed a contract for cell phone service or signed a mortgage agreement to buy a house. The law of contracts is not only ubiquitous in the world of commercial transactions, but it also plays an important role in many areas of the law including family law.

2. Common issues in contract law cases and materials In regard to family law, contract law issues often arise in regard to prenuptial agreements and custody agreements. Prenuptial agreements are contracts entered into before marriage, between two spouses and/or parties that often deal with financial and sometimes property matters. In other words, prenuptial agreements cover assets – what the spouse’s assets were prior to the marriage and the distribution of those assets in the event of a divorce. While the law of contracts often arises in regard to prenup agreements, it also arises in regard to child custody agreements that will be discussed in the following paragraph.

3. How can contract law issues arise in regard to divorce settlement agreements? In regard to divorce settlement agreements, contract law issues arise in regard to settlement of assets or property between spouses. Many people file for divorce with the intent of dividing marital assets or property with their spouse. The problem is that depending on how the assets or property is divided, the division can raise issues of contract law. For example, if one spouse decides to sell a marital home and keep all of the sale proceeds to themselves, their former spouse may have a claim against them based on contract law that can cause (depending on when the issue gets decided) significant delay and even recovery of some damages as a result of the spouse’s decision.

4. Custody agreements can include pitfalls of contract law. Contract law issues also arise in regard to child custody agreements. There are often contracts that have been made between parents regarding the custody of a child. The parents make decisions together and sometimes involve their children in the discussions. The possibilities are endless and if at any time a parent should decide they do not wish to abide by the contract made with the other parent, they could be in violation of contract law. Having civil and criminal litigation attorneys familiar with contract law can help avoid pitfalls that can arise in custody issues.

5. Tips for family law agreements avoiding problems in contract law cases and materials

6. Importance of professional legal advice on contract law issues

7. Issues of contract law in disputes between parents and children

8. General contract law pitfalls

9. Examples of contract law issues that come up for families and contracts

10. Have a legal consultation for best results.

Safeguard Your Family Business: Navigating Non-Circumvention Agreements

Understanding Non-Circumvention Agreements in Family Law

In the world of family-owned businesses, it is often essential to have non-circumvention agreements. If you are involved in a family business and you are going through a divorce, custody dispute, or another family-related legal matter, a comprehensive non-circumvention agreement template can be essential.

What is a Non-Circumvention Agreement?

A non-circumvention agreement is a formal or informal agreement that a party will not disclose confidential information to third parties, make use of certain methods to utilize information from the other party that was not intended for them, or otherwise avoid obligations under an agreement.

What Are Some Contexts Within Family Law in Which a Non-Circumvention Agreement Can Be Used?

Non-circumvention agreements can be used in a variety of contexts. A few examples include:

How Can a Non-Circumvention Agreement Protect Family Assets and Business Interests?

A non-circumvention agreement can protect a family business from potentially damaging information that could result from a divorce or other family law matter. For example, if a husband biased in favor of his own interests in a business were not prevented from disclosing confidential information such as how much money his father was giving to his business or how assets were flowing into the business, his improper disclosure could lead to conflict with the other party’s interests and possible loss of clients. A non-circumvention agreement can limit this risk. Such an agreement can also help to preserve non-marital portions of a family business. In many states, a spouse who owns a portion of a business that existed prior to marriage has the right to preserve the marital portion of the business and the non-marital portion of the business. This could be important for an established business that has been owned for generations. Having a non-circumvention agreement in effect can protect corresponding family interests.

How Could a Non-Circumvention Agreement Be Used in a Divorce?

A non-circumvention agreement could be used in a divorce to ensure that one spouse does not unfairly disclose information that is damaging to the other spouse, perhaps intentionally, perhaps unintentionally. A non-circumvention agreement can protect both parties in a divorce.

How Could a Non-Circumvention Agreement Be Used for Custody?

A few situations could arise pertaining to non-circumvention agreements in a custody situation. One example is that information might be shared between legal counsel in which one parent attempts to disclose information that damages the other parent’s business interests. A non-circumvention agreement could be in place to protect the other parent’s interests.

How Does Scott L. Levine, P.C., Help to Create Non-Circumvention Agreements?

Scott L. Levine, P.C. can help you to develop confidentiality agreements that can be used in the context of business transitions that might affect family interests, whether it is a divorce, custody dispute, business sale or purchase, or otherwise. A non-circumvention agreement template can be used and modified to meet your specific needs. A confidentiality agreement in place can also help to address issues pertaining to intellectual property.

What Could We Expect to Happen if We Do Not Have a Non-Circumvention Agreement in Place?

If we do not have a non-circumvention agreement in place, the result can be anything from unfair business competition to total disregard for the rights and interests of the other family members that have interest in a family business. Confidential information can be purposely or inadvertently disclosed.

What are some Examples of Non-Circumvention Agreements that Have Been Effectively Used?

There are circumstances where a family or business partnership agreement, a marital agreement, a separation agreement, or a divorce decree could serve as an effective non-circumvention agreement.

What Does Our Promoted Article on Non-Circumvention Agreements Explain, and How Can It Help Us?

The promoted article explains that a non-circumvention, non-disclosure agreement may have limited application to family law and divorce. However, the article also notes that a non-circumvention agreement can be effective in protecting family businesses and other interests. Confidentiality in business matters may be significant, and it can also be significant that a party does not purposefully reveal information that could be damaging to the other party.

Understanding the Role of Power of Attorney in Family Law Court Proceedings

Understanding the Role of Power of Attorney in Legal Matters

A Power of Attorney (POA) can serve a broad spectrum of purposes in legal matters. In fact, when you hire a family attorney, you might not expect the role of a POA to come up more often than you’d like. This is not uncommon, of course, as circumstances and needs evolve for you or your family.

Many people aren’t aware of just how many types of POA exist beyond the general form they’re familiar with. In addition to the general POA, there’s a limited POA for special occasions, and a durable POA for extended matters. Furthermore, there is the durable healthcare POA and a springing POA in some states.

A POA is usually thought of as a way to represent someone else in a legal setting. But many other potential uses can also exist. The POA allows one person to make legal decisions about property, finances, or healthcare for another when they cannot do so themselves. In practical terms, this abstract idea could become cutting and dry in a family law scenario. The POA could help to manage a sibling’s estate while they compete in a rehabilitation program. Or the POA could help a spouse pay bills for a bed-ridden partner.

A POA isn’t always a perfect solution for every family situation. A POA may not be the best option if you’d prefer to have someone represent you in court. In fact, in many family law cases, having a family attorney represent you offers a greater degree of protection than relying upon the POA’s authority.

The problem can become obvious in a divorce case, where you may need to secure your partner’s financial records in order to properly negotiate settlement terms. In a contested child custody battle, you may need to file motions to earn the protection necessary to secure your parental rights. And while a durable POA may suffice to help you secure medical care for your incapacitated spouse, in certain cases you will need to file a petition to take control of their affairs.

Thus, while some situations may call for a POA to be active in certifying documents for a party, many situations might be more adequately addressed by the professional assistance of an attorney.

It is only natural that individuals would want to help family members. Yet, this tendency can lead to situations where the powers of the POA are abused. In this way, granting POA to a family member can leave you feeling vulnerable, especially when dealing with a future divorce case. This is why choosing a firm such as Scott L. Levine helps attorneys mitigate such delays, safeguarding your personal information.

In some cases, when an incapacitating circumstance occurs, the offering of POA to a determined family member could do them more harm than good. In these cases, there are other options, such as guardians or conservators. As such, it is important to consider all of your options before determining whether a POA is the right course of action for you and your family.

Some individuals believe they’ll receive complete control over their family member’s finances through the POA – however, this is not the case. A joint bank account doesn’t suffice as legal representation. A POA allows you to provide benefits and make payments for your family member. A family member who can draw on your bank account, however, might have greater access to your accounts than you are comfortable with.

Other misconceptions about powers of attorney grant full control over a concerned individual’s finances. Although the powers of a POA are broad, they must also follow the letter of the law. A POA cannot simply hand over a bank card, unless explicitly stated in the POA to do so. When creating a POA, think through what you are willing and able to give authority to the POA. That way, if you choose to grant any powers, you can be confident that they’ll be used appropriately.

In short, a POA could represent an individual in court, but only under particular circumstances. For instance, while you might not require a POA in a divorce case, they might be useful in carrying out some of your legal interests. If properly documented, the POA will be able to negotiate on your behalf and file the necessary paperwork for the court.

However, when it comes to some of your legal rights (such as visitation), you may wonder whether a POA is appropriate. In this regard, a POA might lose its power after certain events (such as incapacity) or lose its scope after being renamed in an estate plan. In contrast, a professional attorney can help you govern your affairs over the long-term. In this way, hiring a professional attorney solves your legal worries, while a POA does not.

Understanding Property Contracts: A Family Lawyer’s Guide

Understanding Real Estate Contracts in Divorce Proceedings

As a family law attorney in Pittsburgh, with limited knowledge and experience in business law, there will more than likely come a time when I am faced with a situation that requires the knowledge and experience of skilled attorneys in fields of law that are complimentary to family law but that are not an area of my focus. One such situation arises when divorce proceedings require an understanding of the rights and obligations of the parties under a comprehensive contract to purchase real estate in Illinois. Such is the situation discussed in a recent article below.

When a couple with a marital home in Illinois undergoes divorce proceedings it generally goes without saying that the home must be valued and/or divided in some form during settlement proceedings or at trial on equitable distribution of marital property. The value of the real estate marital asset may or may not be determined by appraisal, but it certainly will need to be established before the court will consider equity in the real estate on the basis of some adjusted value. It is possible that the Court may award the marital home to one of the parties in whole or in part rather than greeting on a particular division of other personal property or liquid assets held in the parties’ names.

Assuming that a home is the subject of dispute, it may be located anywhere, but will most likely have been the site of the parties’ residence at some point prior to separation. If a couple residing in Pittsburgh ultimately files for divorce, it is highly probable that some family law issues will be involved in the matter. Further, if after initial filing of the divorce action one of the parties relocates to Illinois for a new job and the real estate subject to equitable distribution is still in Illinois, the parties could seek a settlement of the claim regarding the real property without having litigation proceed in Illinois. This saves both the parties and their attorneys the time and money of litigating the issue, but the spouses must be careful to ensure they understand the terms of the deal they are agreeing to and who is responsible for what aspects of the contract to purchase real estate at the time of the divorce proceeding.

This complication is often encountered in divorce actions, and most commonly arises when one party seeks to acquire the real estate subject to equitable distribution by way of some form of contractual agreement under which he/she will buy out the other party’s rights and interest in the real estate. The spouse who moves away from the home may be looking to relocate somewhere close to his/her new employment, and the spouse who found employment elsewhere may seek to keep the family home in order to minimize disruption to the children’s lives and provide some stability. The challenge comes when the parties seek to buy the home in the party’s name who has already vacated in order to avoid complications of bringing the other parties into the transaction. What this means is that a settlement agreement is negotiated and one party pays fair value for the market value of the real estate, and then immediately after the transaction it may not be clear who the owner of the property is. Further, what recourse does the other party have if the transaction is completed and the market value of the property increases after the divorce action, for example?

These issues and more can all become critical to arrive at an understanding and agreement upon before conducting a settlement of a divorce action. Without a firm grasp of the terminology used in Illinois contracts to purchase real estate and the implications that these terms have on the equitable distribution of the assets they allocate to each spouse, it is easy to run into problems or a complete loss of value for the spouse who should have retained a greater share of the marital assets.

A contract to purchase real estate in Illinois will include the following, among other things, the purchase price, a statement of that interest to be transferred, a date for closing, any restrictions on use or occupancy of the property, specifications for payment of the sales price, and details on the remedies available in the event of breach of contract by either party. Especially when dealing with an international business such as the Chicago Cubs, the parties involved must have a full understanding of their legal rights under the agreements they sign. If the terms of the contract are not fully understood the parties risk breaching the contract, or at the very least losing value on their investment, and possibly even losing the real estate they were seeking to acquire through the agreement.

It is important to understand the connection between family law litigation in Pittsburgh and real estate matters in Illinois. There is a direct correlation, despite the distance between these two cities. Even individuals living outside of the city may have a half interest in Pittsburgh real estate, and without guidance on the matter may lose their investment during a divorce proceeding.