Should I Sign a Divorce Settlement Agreement?

Divorce is emotionally painful and it is not uncommon to feel numb during the process or want to rush through proceedings. However, you need to be aware that the decisions you make during this time could impact your ability to recover and could jeopardize your financial security for years into the future. If you are considering signing a divorce settlement agreement, there are some things you need to consider first.  

Entering Into a Divorce Settlement Agreement

In any divorce case, there are important matters that must be resolved before a final order can be issued. Under the Illinois Statutes (750 ILCS 5?), these include marital property and asset division, possible child or spousal support payments, and child time-sharing arrangements. These can all be negotiated through you, your spouse, and your attorneys or through mediation proceedings. If you and your spouse are unable to reach an agreement, the judge may issue an order based on the evidence in the case. 

It is generally to your advantage to come to your own agreements on the above issues rather than allowing the judge to make these decisions. A settlement agreement allows you greater freedom in customizing a plan that takes into consideration the needs of all parties and the circumstances surrounding the case. However, there are precautions you need to take: 

• Never sign an agreement without consulting with an experienced divorce attorney first;
• Do not allow yourself to be rushed or pressured into signing;
• Be aware that this type of document is legally binding;
• Make sure you are aware of your rights and not sacrificing on important issues. 

Important Areas Your Divorce Settlement Agreement Should Cover

Live About advises that there are certain areas that often get forgotten or excluded when negotiating divorce settlement agreements. It is important to make sure yours includes provisions regarding the following: 

• Retirement benefits: You may have a right to a portion of any pension plans or retirement benefits your spouse accumulated during your marriage. 
• Spousal support: If your spouse earns significantly more than you or you sacrificed your career for the marriage, you may be entitled to alimony. 
• Health insurance: You may be entitled to health insurance through your spouse’s employer for both you and your children;
• College tuition: If your settlement agreement involves child support payments, be sure provisions regarding college tuition costs are included. 

Let Our Chicago Divorce Attorneys Assist You

As experienced Chicago divorce attorneys, the Women’s Divorce & Family Law Group acts as a fierce advocate on your side when negotiating divorce settlement agreements. To request a consultation, reach out and call or contact our office online today.