Debt Division in Illinois
When drafting prenuptial agreements, couples are mainly concerned about the term of spousal maintenance and division of property, assets, and income that each spouse owned before the commencement of their marriage. However, they may completely ignore the issues pertaining to their debt and financial obligations in case they seek a divorce after the marriage.
This can present certain problems if they actually decide to dissolute their marriage as debt division can be quite challenging and complex in many instances and dealt differently due to state laws, which may vary from one state to another.
Debt Division in Illinois
The state where a couple is residing plays a pivotal role in debt division. In community property states, both spouses who are seeking divorce are responsible for the debts incurred during the course of their marriage. Conversely; inequitable distribution states, both spouses are responsible for their own debt.
Illinois is an equitable distribution state, hence, the debt between the couple will be split fairly under Illinois Marriage and Dissolution of Marriage Act. Therefore, there are certain factors that a court may take into consideration when deciding how much share of the debt is assigned to each spouse. This may include determining which spouse is most responsible for the debt accumulated during their marriage.
Furthermore, the distribution of assets will also have an impact on debt division during a divorce. For instance, it is likely that one spouse will receive a particular asset, say a home or a car, the mortgage-related to that house or car payments will also be assigned to that spouse.
When it comes to credit card debts, the court may look into the nature of purchases that are made using the credit card to determine whether they contributed to the marriage or not. Other factors that a court may consider include the length of the marriage and specific spousal needs, among other aspects that may affect debt division.
How Can A Lawyer Help?
If you are seeking divorce and looking to sort your finances, it can be highly beneficial to consult with an experienced divorce lawyer. An attorney will ensure that your legal rights, along with your financial interests, remain protected throughout the divorce proceedings.
An astute divorce lawyer with extensive knowledge related to legal and financial matters can help you to understand how divorce will impact your financial position and how debt will be split between you and your spouse.
A skillful divorce lawyer will also devise a solid case in your favor and ensure that you do not have to assume the responsibility of any debt that you did not incur and try to lessen the burden of debt that you are liable to pay after the divorce.
If you wish to learn more about debt divisions or want to schedule a free consultation, contact Law Office of Fedor Kozlov at 847-241-1299 to speak with an experienced divorce lawyer.