What Should Be Included in an Illinois Divorce Settlement?

 Posted on March 27, 2018 in Divorce

During divorce, spouses will work to resolve a wide variety of legal issues through negotiation or mediation, and ideally, they will be able to resolve these issues without the need for litigation in court. At the conclusion of the divorce process, a couple’s final decisions about these issues will be set down in a marital settlement agreement which will be incorporated into their divorce decree. In Illinois, a marital settlement agreement should include the following:

• Division of assets and debts - A settlement will specify how any marital property will be divided between spouses, including real estate property, physical possessions, automobiles, the balances of bank accounts, business interests, and retirement funds or pensions. It should also specify who will be responsible for marital debts. 
• Parenting plan - This portion of the settlement will specify how parents will share decision-making responsibility for their children or whether one parent will have sole responsibility in certain areas. It will also detail each parent’s parenting time schedule, including where children will stay on holidays, who will provide transportation, and any other relevant details.
• Spousal maintenance - If one spouse will be paying spousal support (alimony) to the other, the settlement will specify the amount of these payments and when these payments will begin and end. It should also include details about when these payments should be reviewed, adjusted, or terminated.
• Child support - The settlement will detail the amount of a parent’s child support obligations, as well as when these payments will begin and when they will be terminated. It may also specify how parents will divide the costs of their children’s medical insurance premiums, dental and orthodontic care, child care, extracurricular activities, or college expenses.
• Tax information - A settlement should specify which parent will be allowed to claim children as dependents on their taxes. It may also address whether the spouses will file a joint tax return if they were still married during the previous year and how any tax refunds or taxes owed will be allocated between the spouses.

Contact a South Barrington Divorce Attorney

The details included in a divorce settlement are often very complex, and it is important to have an attorney on your side who can ensure that your settlement which protects your rights and meets your needs. Whether you are beginning the divorce process or need to review your marital settlement agreement prior to finalizing your divorce, A. Traub & Associates can provide you with the legal help you need. Contact our Schaumburg divorce lawyers today at 630-426-0196 to set up an initial consultation.

Sources:

http://www.divorcemag.com/articles/tips-for-creating-a-divorce-settlement-agreement

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000