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Wheaton debt division lawyerDealing with the marital estate is arguably one of the most difficult aspects of a divorce. Contention over who gets to keep the family home and who gets the money in savings accounts can be the cause of many arguments during the asset division process. One thing to note is that property and assets are not the only things that must be divided during this division process you must also allocate your debts between the two of you. Allocating debt can prove to be a stressful process, especially since debts created by one spouse may need to be divided between the two of you.

Is it Marital or Non-Marital Debt?

The first thing you must do is determine which of your debts are actually part of the marital estate and which of your debts are personal debts. According to the Illinois Marriage and Dissolution of Marriage Act (IMDMA), any property or debts acquired between the day you were married and the day you filed for divorce are considered to be part of the marital estate. If the debt was acquired before you were married or after you filed for divorce, it will probably be considered individual debt. Marital debt can include:

  • Credit card debt

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