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Solo In Chicago

...empowering the Second City's entrepreneurial legal community

Tuesday, November 11, 2008

Getting your Fees in Divorce Proceedings

Mary Umberger included this snippet in a recent column which is informing...

Thinking about a divorce? These days, the real estate market may be a third party in an already-sticky situation.

Some family-law attorneys say the condition of the housing market is causing them to rethink the way they get paid for their counsel in divorce cases. Used to be, according to the Wisconsin Law Journal, many such lawyers would receive their fees when the splitting couple came up with cash at the sale of their house—typically 90 days or so after the divorce.

Now, the journal reported, such lawyers may demand larger upfront retainer fees because there's no telling when that home sale could happen. And even then, it added, there's no guarantee there will be any money to spread around because of the possibility of foreclosure or because the couple had no equity remaining in the house.

Take it from someone who's got attorney fees in more than one house around the Chicago area and has for going on more than two years, heed the above! You need to eat!

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