Post-Marital Agreements Flashcards
What is required for post-marital agreements to be enforceable?
1) Consideration - both spouses must obtain advantages;
2) Both represented by independent counsel;
3) Both offered full access to financial records;
4) Both acknowledge neither has obtained an unfair advantage.
What is a Legal Separation (ILCS 5/402) and what is it commonly used for?
It is similar to a divorce but has different implications.
It is commonly used for prolonged separation for tax reasons, spouses who want support but not a divorce for religious or medical reasons, and terminates the accrual of marital property but does not result in division of marital property.
What is a settlement agreement (ILCS 5/502)?
An agreement regarding what will occur after the divorce is finalized. Can include division of assets, tax issues, child support, etc.
What must be contained in a Settlement Agreement?
full disclosure of all assets and liabilities; must be voluntary; must be conscionable; must contain a preface; custody provisions; maintenance; child support; property division; tax issues; attorney’s fees; and contract language.
