Yes, couples in Illinois can negotiate property division on their own and submit the agreement to the court for approval.
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Understanding Property Division Agreements
In Illinois, divorcing couples are encouraged to reach their own agreements regarding the division of marital property. This approach can save time, reduce costs, and minimize conflict. Once both parties agree, the court will review the agreement to ensure it is fair and consistent with Illinois law.
Legal Context for Property Division Agreements
Under the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/503), couples can draft a property settlement agreement that outlines how marital property will be divided. The court must approve the agreement to ensure it was made voluntarily and is not unconscionable.
Key Considerations:
- All marital assets and debts must be disclosed.
- The agreement should cover major assets such as real estate, vehicles, retirement accounts, and personal property.
- It must address the division of debts, such as loans or credit card balances.
Example Scenario:
A couple agrees that one spouse will keep the family home while the other receives a larger share of retirement accounts. This agreement is submitted to the court and approved as part of the divorce decree.
Steps to Create a Property Division Agreement
- Identify and List All Assets and Debts
Both parties must provide full financial disclosure to ensure fairness. - Negotiate Terms
Work together to divide assets and debts equitably, considering each spouse’s needs and contributions. - Draft a Property Settlement Agreement
Clearly outline the agreed terms, including asset distribution and debt responsibility. - Submit the Agreement for Court Approval
The court will review the agreement to ensure it is fair and complies with Illinois law.
How Attorneys Can Help
An attorney can:
- Ensure your agreement complies with Illinois laws.
- Review the terms to confirm they are fair and equitable.
- Assist in negotiations to resolve disputes.
- Draft or revise the property settlement agreement to ensure accuracy and completeness.
Ready to Draft a Property Division Agreement?
Call (630) 366-1760 to consult with an experienced family law attorney. We’ll help you create a fair and legally sound agreement to streamline your divorce process.
Disclaimer: This page provides general information and is not intended as legal advice. For personalized assistance, consult a licensed attorney.
