Dividing Debt in an Illinois Divorce
Posted on February 22,2023 in DuPage County Divorce Attorneys
If any debt was taken at any point within the marriage, then that is considered shared between the parties. All marital debts and assets will need to be addressed during an Illinois divorce. Typically, any debt a party incurred before the two were married is considered non-marital property and will be the party's sole debt and responsibility. However, there are exceptions to this.
If the parties are unable to agree on how their debts should be divided, then the court will step in and decide how to divide debt. Illinois is an equitable distribution state, meaning that debts and assets will be split fairly during an Illinois divorce,
Divorcing Spouses are Encouraged to Pay Off Debt
Many divorce lawyers encourage divorcing spouses to pay off jointly held debt. Creditors are not required to absolve someone of their debt just because they got divorced. It is possible for a spouse to be pursued for repayment of debts that the other spouse amassed months or years after the divorce. If you are getting divorced and you and your spouse share debts, you may want to consider selling assets such as the marital home to pay down these debts.
Legal Separation Can Protect a Party From Dept
For spouses that are legally separated, assets or debts accumulated during their separation period will be regarded as non-marital debts. If one of the spouses is worried about another's spending habits, legal separation may offer financial protection and peace of mind. Being legally separated does not end a marriage; however, it does provide important legal protections. Legal separation is not the same as living in separate homes. To get legally separated in Illinois, spouses will need to file a Petition for Separation with the court. The sposues will need to address many of the same issues they will address during divorce, including child custody, division of assets, and spousal maintenance.
Contact a Wheaton, IL Divorce Lawyer
Divorce can be difficult for everyone involved, especially when there are debts that need to be settled and divided. Working through this can be exhausting and taxing to do on your own. Working with an experienced DuPage County divorce lawyer we can help make sure you get your fair share and that your rights are being looked over and counted for. Contact us at Andrew Cores Family Law Group or call us at 630-871-1002 for a free consultation today.
Source:
https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm
