No, we do not recommend relying on a divorce settlement agreement to remove one co-owner of a CD from the account. Generally, divorce settlement agreements must be approved by a court and incorporated into a final judgment. Until there is a final judgment, the terms of a settlement agreement are not binding.

For resources related to our guidance, please see:

• Illinois Marriage and Dissolution of Marriage Act, 750 ILCS 5/502(a) (“To promote amicable settlement of disputes between parties to a marriage attendant upon the dissolution of their marriage, the parties may enter into an agreement containing provisions for disposition of any property owned by either of them . . . . Any agreement pursuant to this Section must be in writing, except for good cause shown with the approval of the court, before proceeding to an oral prove up.”)

• Illinois Marriage and Dissolution of Marriage Act, 750 ILCS 5/502(d) (“Unless the agreement provides to the contrary, its terms shall be set forth in the judgment, and the parties shall be ordered to perform under such terms, or if the agreement provides that its terms shall not be set forth in the judgment, the judgment shall identify the agreement and state that the court has approved its terms.”)