How Does a Property Division Agreement Work?

 Posted on October 16, 2019 in Divorce

When you are in the process of getting divorced in Oakbrook Terrace or elsewhere in DuPage County, it is important to understand how the process of property division works and when the spouses can play a role in determining how property gets divided. As you may know, Illinois courts divide marital property based on a theory of equitable distribution. This means that property is divided in a way that the court determines to be fair and equitable to both parties. In deciding what is fair and equitable, the court takes into account many different factors that are listed in the Illinois Marriage and Dissolution of Marriage Act (IMDMA). Of course, when there is an enforceable premarital agreement or postnuptial agreement that specifies how property will be distributed, courts will use the terms in those agreements.

Yet many spouses have questions about “property settlements,” and whether they are able to play a role in deciding how their property gets divided even if there is no premarital or postnuptial agreement. In other words, can the parties work out a system for dividing marital property without the court doing it for them? In short, the answer is yes. The IMDMA has a specific section on “agreement” between the parties, and we want to be clear about how it can allow for a property division agreement. In the meantime, an experienced Oakbrook Terrace divorce lawyer at our firm can help with any questions you have.

Coming to an Agreement About Property Under the IMDMA

If you and your spouse want to negotiate a property settlement, the IMDMA allows you to do so. Whenever you are negotiating about the division of marital property, it is important to have an experienced DuPage County divorce attorney to advocate for your rights and needs. In the agreement, the parties are permitted to create provisions for the disposition of any and all marital property. However, there are some requirements and limitations under the IMDMA:

• If the court considers the economic circumstances of the parties and determines that the agreement is unconscionable, it will not enforce it.
• If the court does find the agreement to be unconscionable, it can either request that the parties submit a revised agreement or it can order the distribution of marital property itself based on the theory of equitable distribution.

Once a party enters into an agreement about the disposition of marital property, the terms become binding, and the terms become part of the divorce judgment. As such, if either party does not abide by one of the terms set forth in the agreement, it is as if that party has violated a court judgment.

Agreements About Other Divorce Issues in Illinois

The IMDMA also permits parties to come to an agreement about matters beyond the distribution of marital property, including:

• Maintenance of either party
• Allocation of parental responsibilities
• Support for children after they have attained the age of majority
• Allocation of sole or joint ownership for a companion animal

Contact an Oakbrook Terrace Divorce Attorney

If you have questions or concerns about the division of marital property in a DuPage County divorce, it is important to speak with a skilled Oakbrook Terrace divorce lawyer as soon as you can. Whether you have questions about creating a settlement for the disposition of marital property, or learning more about how the court is likely to divide property when there is no agreement in place, a family law attorney at our firm can help. The team of family lawyers at Farooqi & Husain Law Office is dedicated to providing a variety of services to the Muslim community in DuPage County, and we can get started on your case today. Contact Farooqi & Husain Law Office online or call our firm at 630-909-9114 to speak with an advocate about your case.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=8350000