Kane County Allocation of Debt Attorneys

Batavia Debt Allocation Attorney

Allocation of Debt Lawyers Serving Clients in St. Charles, Aurora, and Elgin

When most people contemplate the financial aspects of getting a divorce, they focus on division of assets. When dissolving a marriage, however, division of debt is just as important. There are many debts that are considered marital debts, and each spouse may share some liability for marital debts.

At the Kane County divorce law firm of Goostree Law Group, we are experienced in handling divorces involving all types of debt. We strongly advocate for our clients' interests and make sure our clients’ are not unfairly burdened with debt from their marriage.

Distributing Marital Debt in Kane County

Marital assets are defined as any assets acquired during the marriage. Likewise, marital debts are defined as debts that are incurred during the marriage and prior to the date of separation. If a spouse comes into the marriage with debt, that is not considered marital debt. It does not matter whose name is on marital debt; both spouses can be held responsible for repaying the debt.

There can be some complicating factors when determining if a debt is a marital debt. If, for example, one spouse has a credit card in his or her name coming into the marriage, the balance on that credit card at the time of the marriage would not be marital debt. If that card is then used during the marriage for the benefit of the family or the marriage, those charges could be considered marital debt. Classifying what is and what is not marital debt can be a subject of contention and may need to be litigated.

Illinois Marital Debt Division

Once it is determined which debt is considered marital debt and subject to division, an arrangement must be made for how the debt will be repaid. This is part of a larger property division process and negotiation. While either spouse can be ordered to make payments on debt even if it is not in their name, it is often recommended for each spouse to retain liability for the debt in their name. Higher burden of debt can be offset with a greater portion of assets. Taking responsibility for debt in your own name is a safety measure to prevent your credit from being affected if your ex-spouse misses a payment for any reason.

If you are contemplating filing for divorce or are already involved in divorce proceedings and you have marital debt, contact us at 630-584-4800 to schedule a free consultation. We will discuss your financial circumstances, answer your questions, and explain how Illinois law will apply to your divorce. Our attorneys work with clients throughout Northern Illinois including Kane County and the surrounding areas.

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Goostree Law Group

Goostree Law Group

 555 S. Randall Road, Suite 200
St. Charles, IL 60174

 630-584-4800

 400 S. County Farm Road, Suite 300
Wheaton, IL 60187

 630-407-1777

Our Illinois divorce attorneys represent clients in Kane County, DuPage County, Kendall County and DeKalb County, including Geneva, Batavia, St.Charles, Wayne, Wasco, Elburn, Virgil, Lily Lake, Aurora, North Aurora, Elgin, South Elgin, Bartlett, Crystal Lake, Gilberts, Millcreek, Maple Park, Kaneville, LaFox, Yorkville, Oswego, Plano, Sugar Grove, Big Rock, Bristol, Newark, DeKalb, Sycamore, Naperville, Wheaton, West Chicago, Winfield, Warrenville, Downers Grove, Lombard, Oak Brook, Streamwood, Hoffman Estates, Barrington, South Barrington, Lake Barrington, Schaumburg, Big Grove, Boulder Hill, Bristol, Joliet, Kendall, Lisbon, Minooka, Montgomery, Plainfield, Sandwich, Yorkville and many other cities.

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