Real Estate Problems
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Real Estate Problems

Resolving Real Estate Problems In Illinois Divorce

Until recently, the main problem our divorce clients faced with respect to their primary residence or other real estate was how to make sure they got their fair share of the equity through sale of the property, or payment from the other spouse. Nowadays, even properties in Chicago's affluent suburbs have declined in value, and our clients sometimes need help with questions concerning negative equity, the division of liabilities or even avoiding mortgage foreclosure.

For practical advice and resourceful solutions concerning distressed real property included with your marital estate, contact a knowledgeable lawyer at the Barrington law firm of Lucas Law. Our knowledge of the local real estate markets, mortgage finance practices and your options for protecting your assets and your credit in a difficult economy can all help you with debt problems related to declining property values.

Call 847-381-8700 For Advice About Barrington And Palatine Real Estate Liabilities In Divorce

Just as marital property is subject to equitable division between the parties in an Illinois divorce, so are marital debts and liabilities. Although your settlement agreement will specify which of the divorcing spouses will assume responsibility for which debts, neither a negotiated settlement nor a family court decree can get you released from liability to your creditor or mortgage holder — it can only specify which of you is primarily responsible for the obligation.

Our experience and attention to detail in property and debt division matters can go far toward protecting your interests in avoiding foreclosure, liability on a deficiency after foreclosure or tax liability if the deficiency is forgiven.

Recent changes in federal law have relaxed the previous rule that forgiveness of mortgage debt is taxable income in negative equity situations, but you can still be liable for tax on forgiven debt under certain circumstances.

The attorneys at our law firm can work with your mortgage lender to negotiate a modification of the original contract terms or authorize a short sale of your property. We can advise you about the tax consequences of any disposition of real estate or other assets. We can even help you figure out if bankruptcy is a useful option for preventing foreclosure of your mortgage.

After 25 years of family law practice, we know how financial problems can lead to divorce, and how the resolution of practical divorce details can relieve them or make them worse. For dependable advice about real estate mortgage problems and other debt pressures, contact a lawyer at Lucas Law in Barrington.

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