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:...