Dividing Debt In A Divorce
In addition to dividing property, people often forget they have to divide marital debt. Dealing with the division of debts can be one of the most contentious issues. If you are getting divorced in Illinois, and you have any amount of debt, it is imperative that you know how to protect your rights. You should not be stuck paying an unfair share of your spouse’s debts.
At Taege Law Offices, our divorce attorneys in Chicago have extensive experience handling complex divorce and family law cases. If debt is an issue or concern in your Illinois divorce, you must take action to protect your legal rights and financial interests. Your credit could be negatively affected during the course of these proceedings and for years after your divorce if you do not take action.
To schedule a fully confidential divorce consultation, please contact our law firm today.
Debt Division And Divorce: Understanding Illinois Law
Similar to assets and real property, debts are divided in accordance with Illinois’ equitable distribution standard (750 ILCS 5/503).
Equitable distribution does not mean equal. Equitable means fair, which could result in one spouse being responsible for more than 50% of marital debt. Illinois divorce courts will consider the facts and circumstances surrounding the debt.
Some of the most important factors include:
- The future economic prospects of each partner
- The reason that the debt was incurred
- The date at which the debt was incurred
- The extent to which the marriage benefited (or did not benefit) from the debt
- Any other factors deemed relevant
How Our Chicago Divorce Attorneys Can Help
When you hire our Chicago divorce lawyers for guidance with your separation divorce, you can be confident that you will receive top-quality legal representation. We will carefully gather and review all of the financial records that are relevant to your case.
Our Chicago debt division attorneys can help you handle the full range of debts:
- Credit card debt
- Student loans
- Personal consumer debt
- Auto loans
- Payday loans
- Home equity loans
- Business debt
When it comes to debts, you must be proactive. The truth is that creditors do not care about your divorce. If your name is still on a debt or loan, they will try to hold you responsible for repayment. But you can protect yourself by getting help from an experienced divorce attorney today.
Contact Our Chicago Family And Divorce Attorneys Today
At Taege Law Offices, our Illinois divorce lawyers have extensive experience handling complex cases involving debt division and property division.