Legal Question in Family Law in Illinois
Homestead
I am separated from my husband and he wants to refinance the house (It is in his name and He bought it before we got married). He asked me to sign the ''homestead''. I am not familiar with that. What will be the legal consequences for me to sign that in case we divorce? My husband was not able to explain what is it.
Thank you for your assistance.
Asked on 8/18/03, 9:11 pm
1 Answer from Attorneys
Mary McDonagh
McDonagh-Faherty Law Offices
Re: Homestead
As a marital partner, you have homestead rights which means you are entitled to a certain amount of the proceeds if you are in need. These are usually required to be waived by lenders so that your rights are essentially extinguished - even though the house is in your husband's name does not mean you have no rights to it.
Answered on 8/19/03, 8:42 am
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
