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Wheaton | St. Charles

Wheaton Debt Division Lawyer

Warrenville Debt Division Attorneys

Attorneys in DuPage County for the Allocation of Marital Debt During a Divorce

Most people understand that the division of marital property is a difficult but necessary part of the divorce process. Marital assets, however, are only part of the marital estate that must be divided during a divorce, as the couple's debts and obligations must also be allocated between the spouses.

At Goostree Law Group, our skilled lawyers have experience with managing the allocation of all types of debt in divorce cases. We work hard for our clients, helping to ensure that they are not forced to assume an unreasonable amount of debt as they try to move forward with their lives.

What Is Marital Debt?

The Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5) defines marital property as any assets or debts acquired by either spouse during the marriage, with very few exceptions. Thus, any obligations entered into by one of the spouses between the date of the marriage and the date of the divorce are considered to be marital and subject to division between the spouses.

Marital debt may include but is not limited to:

  • Mortgages
  • Home equity loans and lines of credit
  • Student loans
  • Vehicle loans
  • Business loans or other obligations related to a closely-held or family business
  • Credit card debt
  • Medical bills

If a debt was incurred prior to the marriage, it will usually be considered non-marital and remain the responsibility of the party who incurred it. Our attorneys can help you determine which debts are marital and which are not. Such determinations may require the help of outside experts and, possibly, litigation, and we will provide the guidance you need along the way.

Wheaton Lawyers for Dividing Marital Debt

Once you and your spouse—or the court—has established the debts that are marital debts, you will need to determine who will be responsible for paying each debt. These arrangements are part of the property division process. In many cases, the spouse who receives a larger share of the marital assets or has a higher income may also be required to pay a larger share of the marital debts.

Regardless of whose name is on a particular debt, either spouse could be assigned the responsibility for paying the debt after the divorce. In most cases, this will likely require the restructuring or refinancing of the obligation in the name of the spouse responsible for the debt. Doing so ensures that only the responsible spouse is at risk if he or she fails to make the appropriate payments. If restructuring or refinancing is not possible, it may be necessary to sell off other assets to settle the debt instead of assigning it to either spouse.

With more than 80 years of combined family law experience, our attorneys have the knowledge and skill to develop creative arrangements for dividing assets and debts. We will work closely with you throughout the process and help ensure you have the resources you need to begin building a happier, post-divorce life.

Call 630-364-4046 Today

If you have substantial debt, and you are considering a divorce, contact our office. Call 630-364-4046 to schedule a free consultation today. With locations in Wheaton and St. Charles, Goostree Law Group serves clients in Aurora, Lisle, Downers Grove, Warrenville, Woodridge, DuPage County, and the surrounding areas.

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