Couples usually anticipate a division and distribution of their assets during the divorce process, but many are surprised to learn that their debts are also split during the proceedings. Unfortunately, when parties are not prepared for the allocation of their debts, it can create serious financial issues, both immediately and in the distant future. Learn how you can avoid such an issue during your Illinois divorce, and discover how our seasoned attorneys can help.
Who Owns the Debt in an Illinois Divorce?
In marriage, debts and assets can become intrinsically intertwined; untangling them can be difficult, to say the least. Yet, it is critical that divorcing parties have a clear understanding of their debts. Additionally, parties are encouraged to try and distinguish which debts were initiated by them or their spouse, and which were co-marital debts.
Not sure how to decide?