Reaching a settlement means coming to an agreement on all aspects of your divorce. This can save you a great deal of struggle and frustration. It can also save a lot of money in the long term. A divorce settlement checklist can help follow Illinois state laws and more easily reach an agreement. It ensures you hit everything you need to before presenting the agreement to the court.
At Kulerski & Cornelison, our team serves families DuPage and Cook counties. An experienced attorney helps you negotiate a settlement or litigate any issues you cannot agree upon.
Confirm Illinois Divorce Requirements
Before finalizing a settlement, make sure you meet Illinois’ basic legal requirements. At least one of you has to live in the state for at least 90 days before you can get a final divorce.
Illinois uses a no-fault divorce system. This means you only have to allege you have irreconcilable differences and both want to end the marriage. If you meet both of these basic requirements, you are on your way towards a final settlement.
Step 1: Organize Your Financial Information
A complete financial picture is the backbone of any settlement. Illinois requires full financial disclosure. If you’re missing any information, it can delay your case.
Gather:
- Tax returns (3 years minimum)
- Pay stubs and income statements
- Bank, credit card, and loan statements
- Retirement and investment account records
- Mortgage documents and property deeds
- Insurance policies
- Business financials, if applicable
These documents support negotiations around property division, support, and debt allocation. They also form the basis of your financial affidavit, which is required in both contested and uncontested cases.
Step 2: Identify and Classify All Property
Illinois divides marital property equitably. Marital property includes that which is acquired during the marriage, but with some exceptions. An attorney’s help identifying marital and non-marital assets is critical.
Your settlement checklist should include:
- Real estate (marital home, rental properties, vacation homes)
- Vehicles
- Bank accounts
- Retirement accounts and pensions
- Investments
- Business interests
- Personal property (furniture, jewelry, collectibles)
Step 3: Address Debt Allocation
Debts you both have must also be addressed. This includes:
- Mortgages
- Auto loans
- Credit card balances
- Personal loans
- Tax liabilities
Your settlement should specify who pays what, how payments will be made, and whether accounts will be closed or refinanced.
Step 4: Determine Spousal Support (If Applicable)
Spousal support can often be a contentious issue, but a settlement agreement can help solve these issues. This is usually appropriate if one spouse made substantially more than the other and the marriage was longer in length.
Your settlement should outline:
- Whether maintenance will be paid
- The amount and duration
- Conditions for modification or termination
Illinois uses statutory guidelines for many maintenance cases, but spouses can negotiate their own terms if both agree.
Step 5: Finalize Parenting Arrangements
If you have kids, your agreement must have a Parenting Plan. It must address parenting time and decision-making responsibilities. Your settlement should include:
- Parenting time schedule
- Transportation arrangements
- Decision-making authority (education, healthcare, religion, extracurriculars)
- Holiday and vacation schedules
- Communication expectations
Child support must also be addressed. Illinois uses the income shares model, but you may also agree to certain amounts of child support in the right situation.
Step 6: Review Tax Implications
Your settlement should clarify:
- Who claims the children as dependents
- How tax refunds or liabilities will be divided
- Whether you will file jointly for the final year of marriage
- How property transfers or support payments may affect taxes
Step 7: Address Health Insurance
Your settlement should specify:
- Which parent covers children’s health insurance
- How uninsured medical expenses will be divided
- Whether one spouse will continue coverage under COBRA or Illinois mini-COBRA laws
Draft the Ultimate Illinois Divorce Settlement Agreement with an Experienced Attorney
The right settlement agreement helps you get organized. It can reduce conflict and protect your long-term interests. By addressing all of the issues in your divorce, you can settle your case and avoid the need for a contested trial.
At Kulerski & Cornelison, our family law attorneys are ready to help. Contact us today for a consultation of your case.