Anderson & Boback Logo

Dividing Property – What to Include in the Agreement

Categorized as Property Division

More often than not, a divorce is uncontested. The parties amicably divide their property and resolve their differences. There is a limbo that these parties do, however, as they try to divide everything and finalize their divorce without “rocking the boat”, so to speak. Often in these scenarios, I personally find that clients hesitate to provide me with information that I need in order to finalize their divorce, for fear of causing waves which would delay their proceedings. Do not be afraid to provide this information to your attorney, as it is necessary to protect you.

The most common response I hear from potential clients and clients is “we don’t have anything together”. I ask what I need to include in the Marital Settlement Agreement, and what is to be divided, and the person responds that they don’t have anything. When I ask more pointed questions, I find that these answers change quite a bit. I ask about bank accounts, credit card accounts and the like, and the person typically replies “but we aren’t dividing that” or “but that is only in my name”. It does matter, though, and it must be included in the Marital Settlement Agreement so as to ensure the other party doesn’t come back in and try to vacate the dissolution of the marriage, alleging that the other party failed to disclose certain assets. We always include these items in a divorce decree, we just award them to the sole possession of one of the parties. It is always better to disclose than not to disclose, to ensure that there is no way someone can come in later and try to vacate the dissolution of the marriage. It is always necessary to be forthcoming to best protect yourself.

Was this information helpful?

You May Also Like

What Is Child Support? Child support is the terminology used to describe the periodic or ongoing payments one parent makes to the other following a divorce to assist in raising their shared children. Child support is thus a combination of…

Wonder if your spousal maintenance is modifiable? This question was addressed in Scarp v. Rahman when the father in the case of sought to modify his maintenance obligation.  The trial court would not allow the modification so he sought an…

Birthdays are a big deal to kids - they usually get a party with their friends with cake, balloons, presents, and if they are lucky, a ball pit to jump into at Chucky Cheese! The day is all about them.…

Our firm represents a lot of military families and for the most part, handling a military divorce is just like any other divorce.  There are specific rules that need to be followed, however, and those parents in the military facing…

Changes to Spousal Maintenance Law in Illinois In 2019, a significant change in the tax code was made regarding maintenance, which resulted in spousal maintenance (formerly known as “alimony”, also known as “spousal support”) being tax-free to the recipient and…

Illinois has modified its statutes wherein parents are now allocated “parental responsibilities” and “parenting time” instead of “custody”.  The purpose of these changes was to try and give the parents less to fight over.  You can win “custody” but winning…

Anderson & Boback small logo

Download our Divorce Planning Guide today!

Get the information you need to prepare for divorce with our free resource Guide to Planning for Your Divorce.

What our clients are saying

Schedule a Discreet Consultation Today!

    Firm Overview

    Anderson & Boback is a highly-respected, experienced Chicago family law firm, skilled in negotiation and litigation. When divorce and other family law issues make your life chaotic and uncertain, you want your case resolved as quickly and fairly as possible. Call Now 312-715-0870