Division of Marital Debt During Divorce Attorneys Serving DuPage County, IL
In today's challenging economy, the division of marital debt can be as important an issue during a divorce as the division of assets. Often, it takes a skilled attorney to properly evaluate your financial situation and guide you to a beneficial resolution. Contact a lawyer at our offices to schedule a consultation.
At Andrew Cores Family Law Group, our attorneys have experience handling even the most complex divorce cases. After completing a thorough and detailed analysis of your finances, we can provide advice and direction about how best to divide both marital assets and debts.
Addressing Debt During Divorce
When discussing the division of the marital estate, individuals often misunderstand who is responsible for credit card debt or mortgage payments. All debt that is related to ordinary living or business expenses is considered marital debt. Credit cards, even if they only appear in one spouse's name, are still marital debt that the court will divide. Similarly, a home mortgage will usually be considered a joint debt if the house was purchased during the marriage, even if the mortgage and title are in one spouse's name.
It is also important to understand that when a debt is in the name of both spouses, they will both be responsible for paying the amount owed. Even if certain debts are allocated to one spouse during the divorce process, creditors may attempt to collect debts from the other spouse if payments are not made as required. Because of this, it is often preferable to pay off debts prior to filing for divorce or determine whether other options may be available. In some cases, spouses may choose to file for bankruptcy and discharge their debts before filing for divorce, and this can ensure that both spouses will be able to move forward successfully after their marriage has ended.
Mediation May Be Key
In any divorce, it is wise to consider resolving as many potential disputes as possible through mediation. This will give you the chance to discuss disagreements in an informal, low-stress environment. We have helped several clients resolve issues surrounding credit card debt, personal loans and other financial concerns through mediation. Trust us to protect your rights and keep your best interests at the heart of any negotiation.
Contact Our Wheaton Debt Division Lawyers
To arrange a free consultation, contact Andrew Cores Family Law Group by calling 630-407-1225 or by completing our online form. With offices in DuPage County and Kendall County, we have experience helping clients throughout Illinois.
