Illinois Marital Settlement Agreement Form

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Marital Settlement Agreement_

Use the agreement when negotiating the terms and conditions of the divorce. This form, after signed by both spouses, can only be changed by the Judge at the final court hearing.

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MARITAL SEPARATION AND PROPERTY SETTLEMENT AGREEMENT

WITH NO DEPENDENT OR MINOR CHILD(REN)

 

NOTICE: THIS IS AN IMPORTANT LEGAL AGREEMENT AND HAS SUBSTANTIAL LEGAL CONSEQUENCES ON YOU, YOUR RIGHTS AND OBLIGATIONS.  YOU ARE ADVISED TO CONSULT AN ATTORNEY FOR INDEPENDENT LEGAL ADVICE PRIOR TO EXECUTION OF THIS AGREEMENT.

 

 

STATE OF ILLINOIS

COUNTY OF ____________________

 

WHEREAS, _____________________________________ (full legal name), hereinafter referred to as “Wife”, and _____________________________________ (full legal name), hereinafter referred to as “Husband”, are now married, having been married on the ______ day of _______________, ______, in ____________________ County, ____________________; and

 

WHEREAS, the parties were separated on or about the ______ day of ____________________, 20_____, while residing in ____________________ County, ____________________, and since that date have been living separate and apart; and

 

WHEREAS, there are no minor children of said marriage, and the wife is not now pregnant.  All children (if any) of the marriage are over the age of 18 and emancipated.

 

WHEREAS, irreconcilable differences have arisen in the marriage of the parties and there is no chance of staying together. The parties make this agreement to settle once and for all that the parties owe to each other and what the parties can expect to receive from each other; and

 

WHEREAS, the parties desire to make a mutually acceptable settlement of their rights, liabilities, obligations and property rights arising out of and during the course of their marital relationship.  No reconciliation is contemplated; and

 

WHEREAS, the parties agree to execute and exchange any papers that might be needed to complete this agreement, including deeds, title certificates, bills of sale, etc.; and

WHEREAS, the parties intend that this agreement shall be binding on them from and after the date and time of execution, if permitted, and that this agreement may be incorporated into a final judgment of divorce at some future time.

 

NOW THEREFORE, FOR AND IN CONSIDERATION of the mutual benefits and advantages accruing to each party, the undersigned do hereby solemnly covenant, agree and contract as set forth above and below and being sworn, certify that the all statements contained herein are true and correct:

 

SECTION 1.

SEPARATION; RELINQUISHMENT OF MARITAL RIGHTS

 

The parties shall continue to live separate and apart, free from interference, authority and control by the other, as if each were sole and unmarried, and each may conduct, carry on and engage in any employment, business or trade which each shall seem advisable for their sole and separate use and benefit, without, and free from any control, restraint or interference by the other party in all respects as if each were unmarried.  Neither of the parties shall molest or annoy the other or seek to compel the other to cohabit or dwell with the other by any proceedings for restoration of conjugal rights or otherwise, or exert or demand any right to reside in the home of the other, if any.

 

SECTION 2.

FINANCIAL DISCLOSURES

 

By execution of this instrument, each party warrants and represents to the other party that he or she has fully disclosed their financial status, including their assets and liabilities of all types and agree that the terms of this Agreement are fair, just, and equitable after consideration of the financial status of the parties.

 

SECTION 3.

ASSETS

 

A. In General. Husband and Wife are in possession of all personal property belonging to each, and neither makes any claim to any personal property in the possession of the other except as otherwise stated in this agreement.  The parties agree to divide their assets (everything they own and that is owed to parties) as provided below.  Any personal item(s) not listed below is the property of the party currently in possession of the item(s). Each party shall retain as his or her own all of their personal clothing, jewelry and effects.

B. Wife shall receive as her own and Husband shall have no further rights or responsibilities regarding these assets:

 

ASSETS:  DESCRIPTION OF ITEM(S) WIFE SHALL RECEIVE(To avoid confusion at a later date, describe each item as clearly as possible.  You do not need to list account numbers.  Where applicable, include whether the name on any title/deed/account described below is wife’s, husband’s, or both.) Current Fair Market Value
Cash (on hand) $
Cash (in banks/credit unions)
Stocks/Bonds
Notes (money owed to you in writing)
Money owed to you (not evidenced by a note)
Real estate: (Home)
(Other)
Business interests
Automobiles
Boats
Other vehicles
Retirement plans (Profit Sharing, Pension, IRA, 401(k)s, etc.)
Furniture & furnishings in home
Furniture & furnishings elsewhere
Collectibles
Jewelry
Life insurance (cash surrender value)
Sporting and entertainment (T.V., stereo, etc.) equipment
Other assets
Total Assets to Wife $

 

C. Husband shall receive as his own and Wife shall have no further rights or responsibilities regarding these assets:

ASSETS:  DESCRIPTION OF ITEM(S) HUSBAND SHALL RECEIVE(To avoid confusion at a later date, describe each item as clearly as possible.  You do not need to list account numbers.  Where applicable, include whether the name on any title/deed/account described below is wife’s, husband’s or both.) Current Fair Market Value
Cash (on hand) $
Cash (in banks/credit unions)
Stocks/Bonds
Notes (money owed to you in writing)
Money owed to you (not evidenced by a note)
Real estate: (Home)
(Other)
Business interests
Automobiles
Boats
Other vehicles
Retirement plans (Profit Sharing, Pension, IRA, 401(k)s, etc.)
Furniture & furnishings in home
Furniture & furnishings elsewhere
Collectibles
Jewelry
Life insurance (cash surrender value)
Sporting and entertainment (T.V., stereo, etc.) equipment
Other assets
Total Assets to Husband $        

 

  1. D. Contingent Assets and Liabilities shall be divided as follows:

______________________________________________________________________ __________________________________________________________________________________________________________________________________________________________________________________________________________________

E. Additional Retirement Account Provisions.  The parties represent that all retirement and pension types of accounts have been disclosed and agree to the following division of same:

Retirement Accounts Person to Receive Current Fair Market Value
Husband Accounts: $
$
$
$
Wife Accounts: $
$
$
$

 

F. Additional Life Insurance Provisions.  The parties agree in reference to their respective life insurance policies the following (indicate policies, owner, beneficiary):  ______________________________________________________ ______________________________________________________________________________________________________________________________________

G. Additional Household Furnishing and Effects Provisions. (Select as appropriate)

The household furnishings and effects of the parties have been mutually divided by the parties and neither makes claim to any such property in the possession of the other except as provided above.

Wife agrees that the Husband shall retain all of the household furnishings and effects presently located on the premises at _________________________, excepting those items already removed by the Wife, or to be removed, with the Husband’s permission, except as listed and provided above.

Husband agrees that the Wife shall retain all of the household furnishings and effects presently located on the premises at _________________________, excepting those items already removed by the Husband, or to be removed, with the Wife’s permission, and except listed and provided above.

H. Additional Marital Home Provisions.  

The marital home of the parties shall be:

i) Occupied by    Husband    Wife.

ii) Titled in the name of     Husband    Wife.

The expenses of the marital home are and shall be paid as follows:

i)   Wife     Husband shall pay the mortgage payments.  This obligation terminates ____________________.

ii)   Wife      Husband shall pay the utilities and other expenses in connection with the upkeep and maintenance of the home.  This obligation terminates ____________________.

  1.   Wife   Husband shall pay all taxes, insurance and assessments.  This obligation terminates ____________________ ______________________________________________________.
  1. Additional Provisions or explanations: __________________________________ _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

 

SECTION 4.

DEBTS, LIABILITIES AND EXPENSES

 

A. Except as otherwise provided herein each party agrees to pay their respective individual debts.

B. Division of Liabilities/Debts.  The parties divide their liabilities (everything they owe) as follows:

Wife shall pay as her own the following and will not at any time ask Husband to pay these debts/bills:

LIABILITIES:  DESCRIPTION OF DEBT(S) TO BE PAID BY WIFE(To avoid confusion at a later date, describe each item as clearly as possible.  You do not need to list account numbers.  Where applicable, include whether the name on any mortgage, note, or account described below is wife’s, husband’s, or both.) Monthly Payment Current Amount Owed
Mortgages on real estate: (Home) $ $
(Other)
Charge/credit card accounts
Auto loan
Auto loan
Bank/credit union loans
Money you owe (not evidenced by a note)
Judgments
Other
Total Debts to Be Paid by Wife $      $     

 

C. Husband shall pay as his own the following and will not at any time ask Wife to pay these debts/bills:

LIABILITIES:  DESCRIPTION OF DEBT(S) TO BE PAID BY HUSBAND(To avoid confusion at a later date, describe each item as clearly as possible.  You do not need to list account numbers.  Where applicable, include whether the name on any mortgage, note or account described below is wife’s, husband’s, or both.) MonthlyPayment Current Amount Owed
Mortgages on real estate: (Home) $ $
(Other)
Charge/credit card accounts
Auto loan
Auto loan
Bank/credit union loans
Money you owe (not evidenced by a note)
Judgments
Other
Total Debts to Be Paid by Husband $      $     

 

SECTION 5.

FUTURE EARNINGS AND ACQUISITIONS

 

All income, earnings, or other property received or acquired by either party to this Agreement on or after the date of execution of this Agreement shall be the sole and separate property of the receiving or acquiring party.  Each party, as of the effective date of this Agreement, does hereby and forever waive, release, and relinquish all right, title, and interest in all such income, earnings and other property except as necessary to collect any sums due hereunder in the event of default.

 

SECTION 6.

SPOUSAL SUPPORT (ALIMONY)

[ one only]

1. In consideration of the provisions contained herein for the respective benefits of the parties and other good and valuable considerations, the parties hereto mutually waive any and all claim or right to temporary or permanent alimony, maintenance or support, whether past, present or future. Thus, each of the parties forever give up any right to spousal support (alimony) that they may have from the other.

2.    Husband   Wife agrees to pay spousal support (alimony) in the amount of $_______________ every   week   other week   month, beginning __________ {date}  and continuing until  __________ {date or event}.

Explain type of alimony (temporary, permanent, rehabilitative, and/or lump sum) and any other specifics: ___________________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

 

if applies]

Life insurance in the amount of $_______________ to secure the above support, will be provided by the obligor.

 

SECTION 7.

MUTUAL INDEMNITY

 

The parties agree in regard to the payment of debts and other liabilities as stated in this that each shall indemnify and hold harmless the other for the payment of same.

 

SECTION 8.

INCOME TAXES

 

With respect to any earlier year in which the parties filed joint Federal and State Income Tax Returns, each party agrees to indemnify the other for any income tax liability, penalty or deficiency associated with his or her income and shall hold the other party harmless therefor.  The parties shall file separately for the year __________ and each year thereafter.

Husband   Wife shall be   allowed   not allowed to claim the alimony paid hereunder as a deduction for income tax purposes.

The Parties acknowledge that they have been advised that there may be certain tax consequences pertaining to this Agreement and have been directed and advised to obtain independent tax advice from qualified tax accountants or tax counsel prior to signing this Agreement, and that each party has had an opportunity to do so.

 

SECTION 9.

ADDITIONAL OR FURTHER DOCUMENTS; COOPERATION

 

Each party agrees that he or she will sign and execute any further or additional documents as may be necessary to put into effect the intended purposes hereof. Each party shall execute, acknowledge and deliver to the other party any and all instruments and assurances that the other party may reasonably require or find convenient, expedient, or businesslike for the purpose of giving full force and effect to the provisions of this Agreement, specifically including any deeds, affidavits, tax forms or other instruments required of one party to the other in order to pass good or merchantable title to any property owned by either party during the marital relationship.  Based on the division of property as set out above, the additional documents required include, but are not limited to the following: (List)

i) ____________________________________________________________

ii) ____________________________________________________________

iii) ____________________________________________________________

iv) ____________________________________________________________

 

SECTION 10.

DIVORCE

 

It is agreed and understood that this Agreement finally settles all rights of the parties and the property jointly or individually owned by the parties, and that this Agreement, and the enforceability thereof, is not contingent upon either party or both parties being granted a divorce on any grounds.  However, if either or both parties are granted a divorce on any grounds, the parties agree that this Agreement shall be made a part thereof and that such decree or judgment shall not conflict with the terms hereof except to the extent disapproved by the Court.  In the event that the law governing this agreement prohibits this agreement from being effective until a divorce action has been filed, or a Judgment of Divorce entered, then the parties agree that such event shall be the effective date of this agreement.  In the event a divorce action or judgment is required prior to this agreement becoming effective, or in the event that a divorce action is desired by one or more of the parties, both parties agree and sign and execute all pleading and papers required to obtain a divorce and jointly request and consent to the immediate submission of this agreement to the applicable Court and to an entry of a judgment by incorporation of this agreement into the final decree or judgment of divorce.

 

SECTION 11.

MODIFICATION

 

This Agreement shall estop and preclude either party from making other or further demands and claims upon the other, not included herein, except that such legal action may be taken by either party as is necessary to enforce or modify the terms and provisions hereof, except that the Property Settlement provision shall not be subject to modification.

 

SECTION 12.

ABSENCE OF DURESS OR UNDUE INFLUENCE

 

The parties agree and state that each has freely and voluntarily entered into this agreement. This agreement was executed free of any duress, coercion, collusion, or undue influence. In some instances, it represents a compromise of disputed issues; however, both parties believe that its terms and conditions are fair and reasonable.

 

SECTION 13.

RELEASE, WAIVER, BINDING  EFFECT, AND ESTATES

 

Except as otherwise provided for in this Agreement, each party shall be divested of and each party waives, renounces and gives up all right, title and interest in and to the property awarded to the other. All property and money received and retained by the parties shall be the separate property of the respective party, except as is specifically stated herein.

Except for those rights and obligations contained in this Agreement, or arising therefrom

by operation of law, both parties do hereby release and forever discharge the other party from all actions, causes of actions, claims and demands whatsoever, known and unknown, suspected and unsuspected, apparent now or hereafter. It is the specific agreement and purpose of this paragraph to release and discharge any and all claims and causes of actions of any kind or nature whatsoever whether specifically mentioned or not, which may exist or might be claimed to exist at or prior to the date of this Agreement; and, both parties specifically waive any claim or right to assert that any cause of action or alleged cause of action or claim or demand has been, through oversight or error or intentionally or unintentionally omitted from this release and agreement.

The parties shall refrain from, release and relinquish any and all claim that he or she may have had, may now have, or may hereafter acquire to share in any capacity or to any extent whatsoever, in the estate of the other, whether by way of statutory allowance, heirship, homestead rights, or election to take against or under the other party’s Last Will and Testament. It is the intent of the parties that neither shall be a beneficiary or recipient of property of the other by Will or intestate succession from and after the date of this agreement and expressly waive and reliquinsh any such right regardless of whether the Will of the other has been changed to delete the gift to her or him and regardless of whether one party shall die prior to the entry of a final judgment of divorce.

 

SECTION 14.

ENFORCEMENT

This Agreement may be enforced by actions and proceedings for Contempt of Court, or attachment and garnishment, for specific performance, or any other remedy legally available to either Husband or Wife, for the enforcement of the provisions and covenants of this Agreement.

 

SECTION 15.

BANKRUPTCY

 

To the extent of any obligation contained herein is discharged in bankruptcy and the non-bankrupt party is held liable for said debt, the non-bankrupt party shall have the right to petition a court of competent jurisdiction for spousal support in an amount sufficient to cover any amounts so discharged.

 

SECTION 16.

ENTIRE AGREEMENT

 

This Agreement constitutes the entire agreement between the parties and each party acknowledges that there are no further agreements not expressly included herein and that this Agreement may be modified, altered, or amended only in writing, duly signed and notarized by each in the form of this original.

 

SECTION 17.

FULLY READ AND UNDERSTAND; INFORMED CONSENT

 

Each party represents and acknowledges that he or she has fully read this Agreement, consulted with each other, carefully considered same, and have signed and executed same after such consultation, that the signing of this Agreement is free and voluntary without force or collusion by either party or any third party, and that each party signed same with the full knowledge of said party’s rights, obligations, and responsibilities. Each party agrees that they have had a reasonable opportunity to consult with an attorney of their choice in the negotiation and preparation of this document, and regarding any divorce proceeding.

 

SECTION 18.

SEVERABILITY

 

If any portion of the agreement shall be held to be void, voidable or unenforceable for any reason, then all the remaining parts or portions shall be construed, implemented and administered as if such void, voidable or unenforceable portion did not appear herein.

 

 

 

SECTION 19.

CONTROLLING LAW

 

This Agreement shall be governed, enforced and interpreted according to the laws of the State of ____________________.

 

SECTION 20.

HEIRS AND ASSIGNS

 

This agreement shall become binding upon the parties and their legal representatives, successor, heirs and assigns.

 

EXECUTED AND AGREED ON THE DATES SET FORTH BELOW.  I certify that I have been open and honest in entering into this settlement agreement.  I am satisfied with this agreement and intend to be bound by it.

 

 

Dated: ____________________

Signature of Wife

Printed Name: _____________________________

Address:__________________________________

City, State, Zip: ___________________________

Telephone Number: ________________________

Fax Number: ______________________________

 

 

Dated: ____________________

Signature of Husband

Printed Name: _____________________________

Address:__________________________________

City, State, Zip: ___________________________

Telephone Number: ________________________

Fax Number: ______________________________

 

STATE OF ____________________

 

COUNTY OF ____________________ 

 

Sworn to or affirmed, acknowledged, executed, signed and delivered before me on _______________, 20______ by __________________________________________________.

 

_________________________________________ 

My Commission Expires: NOTARY PUBLIC

____________________ Print Name: ______________________________

 

 

 

 

STATE OF ____________________

 

COUNTY OF ____________________ 

 

Sworn to or affirmed, acknowledged, executed, signed and delivered before me on _______________, 20______ by __________________________________________________.

 

_________________________________________ 

NOTARY PUBLIC

My Commission Expires:

____________________ 

Print Name: ______________________________