Park Ridge Marital Settlement Agreement Attorneys

Lawyers Helping Negotiate MSAs or Divorce Settlements in Elmhurst and Chicago

There are a wide variety of legal issues that must be addressed during a divorce, including determining how to divide assets and debts, decisions about custody of children, and the payment of financial support. While some or all of these matters may be resolved through court litigation, spouses are often able to work together to reach an agreement outside of court, known as a settlement, which will be filed with the court at the time the divorce is finalized.

At Weiss-Kunz & Oliver, LLC, our attorneys are highly experienced in handling divorce cases, and we are dedicated to protecting our clients' rights and helping them complete the divorce process effectively. Our goal is to provide our clients with financial and emotional independence. We are prepared to negotiate aggressively on your behalf to make sure your divorce settlement will meet your needs and provide for your ongoing success now and in the future.

Elements of a Marital Settlement Agreement

A divorce settlement will need to address all of the legal aspects involved in dissolving your marriage and separating your property and finances (income) from your spouse. Issues that a settlement agreement may address include without limitation:

• Property division - The settlement should fully detail the division of all marital assets and debts and (if applicable) the division of all nonmarital assets and debts. This explanation should be as detailed as possible, since property settlement agreements cannot be modified after the divorce has been completed. In addition to addressing physical property, monetary funds, and debts, a settlement should also address assets such as real estate, retirement accounts or pensions, business interests that spouses own together or separately, and the like.
• Spousal maintenance - If one spouse will be paying financial support to the other following divorce (also known as alimony), the settlement should specify the amount of these payments and the duration they will last. It should also include terms stating when spousal support may be modified or terminated. Our firm can coach you on these issues.
• Parental responsibilities and parenting time - For divorcing parents, a marital settlement agreement should include a parenting plan if children were born to your marriage. This plan will include descriptions of how decision-making responsibilities will be shared or divided, schedules for the time children will spend with each parent (parenting time/visitation), transportation arrangements, rules parents will follow regarding issues such as communication and discipline, and any other agreements between the parents (such as the use of cell phones, iPads, video games, and the like). It may also state the procedures that will be followed if either parent wishes to modify the parenting plan, including in cases involving parental relocation (i.e., where one parent desires to move out of the state).
• Child support - Typically, the parent who has the majority of the parenting time will receive support payments from the other parent. The marital settlement agreement should specify the amount of these payments, which may include a basic support obligation meant to provide for children's daily needs, as well as additional support that will cover children's expenses such as medical care, child care (daycare, nanny), and extracurricular activities. If religion is potentially at issue in your matter, the contribution to additional expenses should specify religious education as well.
• Tax considerations - A settlement should address any relevant tax issues resulting from the divorce, including specifying which parent will be allowed to claim children as dependents and how the parties will divide or share any refunds or tax debt related to joint tax returns filed in previous years. Other tax issues, such as income taxes resulting from division of retirement benefits, are to be addressed in all marital settlement agreements. Our firm will help you review all of these issues.

Contact a DuPage County Divorce Lawyer

The terms of your divorce settlement will have a major effect on your life going forward, thus you will want to make sure it fully addresses all of the legal, emotional, and financial matters involved in ending your marriage. Our attorneys can work with you to negotiate a settlement that will protect your rights and ensure that you can begin your post-divorce life on the right foot. To arrange a consultation, please contact us at 312-605-4041. We represent divorcing spouses in Elmhurst, Park Ridge, Chicago, Lincolnwood, Oak Brook, Skokie, Burr Ridge, River Forest, Hinsdale, Cook County, and DuPage County.