Escrow

Escrow is a legal arrangement in which a third party temporarily holds large sums of money or property until a particular condition has been met (such as the fulfillment of a purchase agreement). It is used in real estate transactions to protect both the buyer and the seller throughout the home buying process. #escrow, #realestateescrow,

Prenuptial Agreements

In Illinois, prenuptial agreements are governed by the Illinois Uniform Premarital Agreement Act (750 ILCS 10/1-10/11). A prenup must be created in writing, and it must be signed by both spouses. A prenuptial agreement will not become effective until a couple becomes legally married. If a couple chooses not to get married, any prenuptial agreement they have made will become void. A prenup can also be amended or revoked after a couple's marriage if these changes are made in writing and signed by both spouses.

Before signing a prenuptial agreement, both parties should make a full financial disclosure to each other, including the income they earn, the property they own, and the debts they owe. A party may choose to waive their right to receive financial disclosure, but they must do so in writing.#prenuptialagreements,

Joint Custody

When couples with children divorce or split up, they encounter new legal terminology such as "joint custody." But what exactly does that mean in legal and practical terms? Joint custody involves a sharing of parental responsibility for the child. Unlike sole custody where one parent has the entire say, with joint custody both parents are actively involved in the child's upbringing. Joint custody can be joint physical custody, joint legal custody, or both.

Most people understand that physical custody has to do with where the child will live. If one parent is granted sole physical custody, the child will reside with that parent. If the parents are granted joint physical custody, the child typically will move back and forth between their residences.

Less familiar is the concept of legal custody. It determines who will make major decisions affecting the child, including religious education, choice of schools, extracurricular activities, health care, and more. If you have joint legal custody and don't allow the other parent to participate in the decision-making process, you could be found in contempt of court. #jointcustody, #legalcustody,