Madison County Legal Issues Blog

Many Illinois entrepreneurs choose to invest in real estate. Perhaps they want to "flip" houses or invest in commercial real estate. In any case, it may be a good idea for them to consider the importance of business formation when it comes to owning real estate. Single-purpose limited-liability companies provide numerous benefits to those who wish to own properties for investment purposes.

Just as is the case with other Illinois business owners, real estate investors who purchase and manage a property through an LLC or other entity structure shield themselves from liability and shield the company from personal liability. Some lenders may require a real estate LLC for these reasons alone. Other than the liability issues, there are also tax issues and the regulations to which the company must adhere.

As the economy improves and people begin earning and increasing their wealth again, some Illinois couples could find themselves arguing about money more often. Money has always been a source of tension for married couples, but the more money there is, the more arguments there could be. The research tends to back up the assertion that being rich makes your marriage more vulnerable to divorce.

Another concern that researchers point out is that when there is a large disparity between the credit scores of the spouses, the chance of divorce rises yet again. In fact, according to research done by the Federal Reserve Board, a marriage may not make it to the five year mark under these circumstances. Even when credit scores are not a factor, people with high incomes may also have high monthly expenses, which could cause a great deal of tension.

Many divorcing couples may share some animosity toward one another. However, that dislike can gradually turn into utter hatred, and in some cases, one parent actively uses a child they share as a weapon. Psychologists refer to this as parental alienation. 

Even if the child custody agreement gives both parents equal time with a child, one parent could easily use the child to attack the other. Over time, this manipulation leads the child to develop negative feelings about the other parent and grow to actively hate him or her. Here are the early warning signs a child has begun to resent one of the parents. 

The average age of the population of this country continues to rise. Even as the number of so-called "gray divorces" continues to rise, many couples here in Illinois and elsewhere remain together well into their golden years. Sadly, not enough of them engage in the type of estate planning that will adequately care for the surviving spouse upon death.

One certainty in every person's life is death. With increasing numbers of people suffering from chronic illnesses and cancers, many people have at least some advance warning that death may take them sooner than they would like. This warning should prompt them to make arrangements to care for their surviving spouses, but that does not seem to be happening.