An Illinois Agreement as to Assets and Debts is a legally binding contract between two parties, usually spouses, that outlines how assets and debts will be divided in the event of a divorce. This agreement is a form of alternative dispute resolution, allowing parties to come to an agreement outside a courtroom. The agreement is especially important in Illinois, as state law requires that the court acknowledge any agreement made between the two parties. There are two types of Illinois Agreement as to Assets and Debts: Marital Settlement Agreement (MSA) and Property Settlement Agreement (PSA). An MSA is an agreement made between spouses regarding the equitable division of marital property and debts. A PSA is an agreement made between divorcing parties regarding the division of non-marital property and debts. Both agreements must be in writing, signed by both parties, and acknowledged before a notary public in order for them to be considered legally binding.
An Illinois Agreement as to Assets and Debts is a legally binding contract between two parties, usually spouses, that outlines how assets and debts will be divided in the event of a divorce. This agreement is a form of alternative dispute resolution, allowing parties to come to an agreement outside a courtroom. The agreement is especially important in Illinois, as state law requires that the court acknowledge any agreement made between the two parties. There are two types of Illinois Agreement as to Assets and Debts: Marital Settlement Agreement (MSA) and Property Settlement Agreement (PSA). An MSA is an agreement made between spouses regarding the equitable division of marital property and debts. A PSA is an agreement made between divorcing parties regarding the division of non-marital property and debts. Both agreements must be in writing, signed by both parties, and acknowledged before a notary public in order for them to be considered legally binding.
