Wheaton Division of Marital Debt Lawyers
Professional Divorce Attorneys Providing Representation in Wheaton, Illinois
Just as with dividing marital property and assets, marital debt is distributed equitably between the parties in the legal system (with the exception of dissipation purposes). Because this is done equitably (and not equally), it is crucial that you work with an experienced attorney if you are seeking to obtain a divorce and anticipate dealing with marital debt issues. It is particularly important given that your spouse could incur additional debt for which you are both responsible before the entry of a judgment of dissolution of your marriage.
If you believe you may receive an unfair share of marital debt, or you have questions about your case, reach out to Beck & Houlihan, P.C. for help. Our attorneys will examine your case and help you through each step of the process of property division.
Martial Debt Division in Illinois
Marital debt can include anything financially-related that was taken out or borrowed, either individual or in both of your names, such as credit cards or loans. This also applies to any family businesses, if applicable. In addition, as with marital property, sometimes both of your names do not need to be included for a debt to be considered a part of your marriage (and thus technically “marital” debt).
In assigning debt, the court takes various factors into account (as it does with assigning marital property), such as:
Although neither party is liable for the debts or liabilities of the other incurred before the marriage, it is important to remember that even if a court order requires your ex-spouse to pay a marital debt, if they do not, collectors can still come after you if your name was a part of the debt. Things can get somewhat complicated if one spouse uses a card they opened before the marriage, for example, to purchase an item for the marriage. The court sometimes has to examine the details regarding what items were used by whom, and how, in allocating debt.
Collaborative Law and Mediation Can Help
Similar to other areas of divorce law, the courts always seek to encourage simplification. The parties are allowed to execute a written agreement allocating responsibility for debts and liabilities between the parties. In this effort, collaborative law and mediation can be very helpful, particularly because dealing with allocating marital debt can be difficult to negotiate.
At Beck & Houlihan, P.C., we are always seeking the best approach for our clients. With over 30 years of experience in family law, we are not only well-versed in divorce law and marital property distribution, but also we are one of the top firms focusing on collaborative law and mediation in Wheaton, Illinois. For more information on how we can help you, contact our skilled divorce attorneys at 630-933-9220. We regularly serve clients in DuPage, Kane, Cook, and Will Counties.
From our law office in Wheaton, IL the family law, bankruptcy and criminal law attorneys of Beck & Houlihan, P.C. represent businesses and individual clients throughout the western suburbs of Chicago, Illinois including Wheaton, Naperville, Aurora, Oak Brook, Geneva, Glen Ellyn, Carol Stream, Elgin, Lombard, Downers Grove, Burr Ridge, Lisle, Elmhurst, Oakbrook Terrace, St. Charles, Winfield, Woodridge, Warrenville and throughout DuPage, Kane, Cook and Will Counties.