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Tag Archives: division of debt

DuPage County divorce attorneysWhen divorcing couples think about the process ahead, they tend to focus on the division of their assets. However, it is important to understand that marital debt is usually factored into the divorce settlement as well. Learn more about divorcing with joint debt, and discover what a seasoned divorce attorney can do to improve the outcome of your case and future financial standing. 

How Debt is Divided During an Illinois Divorce 

Debt is handled a lot like assets in a divorce; parties report any debts that they have and they decide whom will be responsible for it. Some negotiate this matter, while others have their debts and assets divided by a judge. In either case, the balance of the debt is usually deducted from the settlement amount. The assumed “owner” of the debt is then responsible for paying it back. Unfortunately, if the spouse that is responsible for the debt defaults, creditors may start looking at the other party to collect any remaining balance. 

Divorce and Your Creditors 

A lot of couples assume that they can resolve debt issues by simply provide their creditors with a copy of their divorce decree. Sadly, this is rarely ever the case. Creditors do not concern themselves with the life details of their debtors. Their only objective is to recover the money that they have loaned, and since they are not required to honor any agreements that are made between you and your spouse during a divorce, they will likely turn to you if your spouse defaults on their payments, disappears, or files bankruptcy after the divorce. 

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Contractual Debt and Divorce in Illinois, DuPage County property division attorneysDuring a divorce, one of the things that need to get allocated is the marital debt that the parties have accrued during the marriage. Indeed, it is important to understand debt allocation and how debt allocated during a divorce can be affected by the original contract that created the debt.

Allocation of Debts

The Illinois Marriage and Dissolution of Marriage Act governs the way that property is divided during a divorce in Illinois. Assets are not the only things that need to be divided, but so do any debts that are considered debts of the marriage. Marital debts, like marital assets, will generally be the debts that were accrued during the marriage, however, there are some exceptions. The exceptions are beyond the scope of this article, but a knowledgeable property division attorney can help to determine whether the debt is marital or separate.

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DuPage County property division attorneys, division of debt, divorceWhen a couple makes the decision to divorce, there are always questions about how to divide property and assets. Figuring out how to properly divide assets is important, but it is just as important for a couple to figure out how the couple's debt will be divided.

Dividing debt is similar to dividing assets, however, there are some additional questions that a couple will want to answer before deciding how to divide their debt.    

Will the Debt Be Divided Equally?

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
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