During your contested divorce proceedings, the Illinois court will aid you in finalizing your divorce settlement agreement, which is the legal document that lays out the terms of your divorce. Such terms include property division, child custody, child support, and alimony. Continue reading to learn how an experienced Tazewell County contested divorce lawyer at Butler, Giraudo & Meister, P.C. can help you finalize your agreement with the best outcome possible.
How is property division finalized in a divorce settlement agreement?
The property and assets acquired over the course of your marriage are subject to equitable division in your divorce, and the marriage debts must likewise be allocated for payment. The Illinois court will consider a number of factors when distributing marital assets, including the following:
- The contribution of each spouse to the acquisition, preservation, or increase or decrease in value of the marital or non-marital property.
- The relevant economic circumstances of each spouse.
- The age, health, occupation, amount and sources of income, employability, estate, liabilities, needs, etc. of each spouse.
- The tax consequences of the property division upon the respective economic circumstances of each spouse.
To determine which of your assets are marital property, which are non-marital property, and the value of your property, contact a skilled Tazewell County property settlements lawyer.
How are child custody and child support finalized in a divorce settlement agreement?
The Illinois court will primarily utilize the best interests of the child standard when deciding on the allocation of parental responsibilities, such as custody and visitation rights. With that being said, the court will look at the following relevant factors when finalizing this agreement:
- The interaction and interrelationship of the child with their parent or parents, siblings, and any other person who may significantly affect their best interests.
- The child’s adjustment to their home, school, and community.
- The mental and physical health of all individuals involved.
- The willingness and ability of each spouse to facilitate and encourage a close and continuing relationship between the other and the child.
Additionally, the amount of child support each spouse will pay, or is entitled to receive, is determined by a formula that considers the net income of each spouse and the number of children supported.
How is alimony finalized?
Alimony will need to be settled if one spouse earns substantially more than the other. With this, the Illinois court will finalize this based on the following factors:
- The duration of the marriage.
- Both spouses’ yearly salaries.
- Both spouses’ age and health.
- Both spouses’ earning capabilities.
- Both spouses’ overall financial situation.
- The standard of living established during the marriage.
Contact Our Experienced Illinois Firm
Contact Butler, Giraudo & Meister, P.C., today for effective and compassionate legal counsel for the following legal matters: divorce, alimony, division of marital assets, child custody, and child support.