What Is a Marital Settlement Agreement?

 Posted on June 15,2018 in Illinois Family Law

When you get divorced in DuPage County and have an uncontested divorce—or believe you will have an uncontested divorce - then you may have heard about a marital settlement agreement. What is a marital settlement agreement, and why do you need to have one? In short, marital settlement agreements are used when spouses are getting divorced but agree to the terms of the divorce. The marital settlement agreement can clarify how assets, payments, and other financial matters are divided. We will provide you with some additional information about the marital settlement agreement, and then we will give you some examples of what it can contain.

What Is Included in the Marital Settlement Agreement?

Typically, when a couple enters into an uncontested divorce—this means that the couple agrees to all terms of the divorce and the court does not need to make any decisions about financial matters, for instance—then that couple will also enter into a marital settlement agreement.

For most couples, the marital settlement agreement is a form document that provides basic information about the couple and the agreement they are entering into, including but not limited to the following:

• Date on which the agreement was made;
• Name of the each of the spouses;
• Date of marriage;
• Location of the marriage;
• Mutual agreement concerning financial matters of the divorce;
• Mutual agreement concerning matters concerning the children from the marriage;
• Names and dates of birth of all of the children from the marriage;
• Details about the parents’ agreement concerning parental responsibilities;
• Agreement concerning real estate and who will occupy the marital residence;
• Responsibility for making spousal maintenance payments;
• Division of personal property such as household goods, automobiles, bank accounts, debts, and other personal property;
• Division of tax liability; and
• Division of life insurance.

What Are Some Examples of Marital Settlement Agreements in DuPage County?

While form documents do exist for drafting a marital settlement agreement, this fact alone does not mean that every marital settlement agreement looks the same. In fact, the opposite is true. Marital settlement agreements do contain details of the divorce and the ways in which property will be divided or parental responsibilities will be shared, but it is important to recognize that marital settlement agreements are tailored to the specific needs of the couple entering into the agreement.

For instance, a couple without children may enter into a marital settlement agreement that outlines spousal maintenance payments, and the division of all marital property (including both debts and assets). At the same time, another couple without children may agree that neither party will seek nor pay spousal maintenance, so the marital settlement agreement will look different. Then, for couples with children, marital settlement agreements typically outline all information about parental responsibilities and parenting time.

Contact a DuPage County Divorce Attorney Today

Marital settlement agreements can be extremely complicated. If you have questions about a marital settlement agreement or about divorce more generally, an experienced DuPage County divorce attorney can help with your situation. Our advocates have years of experience assisting members of the Muslim community in Oakbrook Terrace, and we can speak with you today about your case. Contact Farooqi & Husain Law Office for more information.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2086&ChapterID=59