KENDALL COUNTY DIVORCE LAWYERS
What is a Marital Settlement Agreement?
A Marital Settlement Agreement is a written agreement detailing the final settlement agreement of two divorcing parties in Illinois. Simply put, a Marital Settlement Agreement or otherwise known as “MSA” is a legal agreement that depicts the financial settlement terms of a divorce settlement agreement.
Generally, a marital settlement agreement handles issues such as the amount of child support and related percentage of discretionary expenses such as out of pocket medical expenses and health insurance (such as who is required to have health insurance for the benefit of the children), extracurricular expenses (the percentage split husband and wife are responsible for), and school fees and expenses such as school clothes, books, and fees. These are the type of financial issues that get addressed for child support purposes.
SKILLED SPOUSAL MAINTENANCE LAWYERS IN KENDALL COUNTY
Furthermore, issues such as spousal maintenance or otherwise known as “spousal alimony” or “spousal support” are addressed in a marital settlement agreement. In Illinois, Spousal Maintenance or Alimony may be required when husband and wife have been married for a period where spousal maintenance is possible such as a period of two or three years or longer.
Generally, spousal maintenance is necessary to enable one spouse a transition period to assist themselves to earn more money and become self-supporting. Moreover, spousal maintenance is encouraged to enable one spouse to maintain the type of lifestyle they enjoyed while they were married. In a lot of marital settlement agreements, the parties will waive spousal maintenance, which means that they will not be eligible for future spousal maintenance.
In most cases, an Illinois Judge will only approve a marital settlement agreement that is reasonable and fair to both parties. It is vital to consult an experienced Domestic Relations’ Attorney that is experienced in handling spousal maintenance and marital settlement agreement issues.
Yorkville and Oswego IL Marital Settlement Agreement Lawyers
Marital Settlement Agreements outline how the parties will handle retirement and pension issues such as whether a QUADRO will be required and who is responsible for the payment of the QUADRO. Often, a QUADRO is necessary when a husband and wife have significant retirement and pension issues where one spouse has much more retirement and pension issues that cannot be handled without a simple offset of other assets.
Gateville Law Firm has significant experience handling the split of pensions and retirement accounts such as QUADROS. The Hunt formula is generally the formula that is outlined in a Marital Settlement Agreement which examines the length of the marriage and what retirement and pension assets are marital and non-marital retirement and pension assets.
A Marital Settlement Agreement also will outline how debts are handled between the parties and how the parties will handle the issue of debts after the Judgment for Dissolution is entered. Often, a party has 14 to 30 days to transfer car titles to one another and assume the liability of the automobile and car payments including the issues of tickets, auto insurance, and car payments.
Gateville Law Firm are experienced divorce and matrimonial attorneys that handle marital settlement agreements and negotiate issues such as retirement and pension plans and debts and liabilities outlined in marital settlement agreements.
CONTACT GATEVILLE LAW FIRM AT 630-780-1034:
KENDALL COUNTY DISSOLUTION OF MARRIAGE LAWYER
In conclusion, the negotiation of a marital settlement agreement and a prove up is a major transaction for divorcing couples. A Judgment for Dissolution of Marriage is a significant court order which can have a tremendous effect on your long-term and short-term future. Hiring an experienced divorce and matrimonial attorney is a smart decision. Sean Robertson and Gateville Law Firm are experienced in drafting well-drafted and customized marital settlement agreements. Contact us at 630-780-1034 to discuss your marital settlement and divorce concerns.