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State Support Forums >> Illinois
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processtwirly
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Reged: 03/14/06
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Property Claim Question
      #2417 - 03/14/06 09:27 AM (65.211.178.232)
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Good morning,
This is my first time posting to this forum based on the early process of divorce I am going through. I am looking for some advice on my situation specific to a property that my wife and I owned together.

In 1998, our property was bought by my wife's parents for an unknown amount.
In June of 2002, my wife and I moved into the building, got the title and mortgage transferred into our name and we began making all payments.
In August of 2005, I agreed to remove myself from the title and mortage, but remained in the building with her as we were trying to make our marriage work.

So as my wife and I are now moving on and I am preparing to move out, I have a few questions regarding my financial claims in the building.
1) Does moving out of the building forfeit any compensation? Bottom line, should I remain in the house until this is settled?
2) Since my wife and I did not repay her parents for the down payment or their mortgage payments, does that effect our/my entitlement?
3) Based on a potential property value increase of $170k over that three year period, what portion am I potentially entitled to? Is it comparable to how our incomes matched up? If we were 65-35 or 60-40, does the same formula apply to that increase?

Thank you for taking the time to review my questions and respond accordingly. Your input time and attention is appreciated sincerely.

Adam


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