How is Marital Debt Handled During a Divorce in Wheaton, IL?
Money is frequently one of the top concerns for the majority of couples going through a divorce. After a marriage ends, bank account balances can have a great impact on an individual’s ability to maintain their financial situation after a divorce.
It can be challenging for each partner to revamp their finances to bounce back from and adapt to the lifestyle changes that divorce brings. Additionally, marital debt and asset disputes can make it even more difficult.
What is Considered Marital Debt in Illinois?
Debts and other ongoing commitments are included as financial considerations for partitioning marital property under the Illinois Marriage and Dissolution of Marriage Act. According to the law, "marital property" refers to any assets (or obligations) obtained by either spouse during the marriage. This implies that any joint loans, credit lines, or accounts created in the names of both spouses are marital property and would be shared equally by them both in the case of divorce. From credit card debts, mortgages, and auto loans to medical bills and unpaid taxes, these obligations can range widely.
For this reason, financial experts emphasize the significance of closing all joint credit card accounts during the separation process, paying off debts, and establishing independent credit lines. If you are not adequately prepared, you may still be held responsible for any debt your spouse accumulated during your marriage when the time comes to file for divorce. Paying off debts is often the best way to ensure shared debts do not follow a spouse into his or her post-divorce life.
Debts are Divided Equitably, Not Equally in Illinois
The division of debts during a divorce is handled differently under Illinois law. In contrast to other state laws, Illinois law mandates that a couple's obligations be shared fairly, as opposed to equally. This implies that certain aspects are taken into account when deciding who is accountable for what and for how much after the divorce. For instance, the court will look at each party's share of the debts in question as well as their unique financial situation.
The chance that either party would acquire assets in the future is also taken into account, as is the question of whether either party spent marital income throughout the relationship for costs that were not linked to the marriage. Other significant considerations the court uses when allocating divorce debt include the length of the marriage and the costs associated with any children in the household.
Contact a Dupage County Divorce Lawyer
If you need assistance with marital debt issues during a divorce, contact a Wheaton divorce attorney who will advocate for you and protect your financial interests. Call Andrew Cores Family Law Group at 630-871-1002 to schedule your free consultation to learn your legal rights and your best options.