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DuPage County divorce attorney debt division

For many people, going to college to get an education is an important step that they must take to advance themselves in their careers. However, college education does not come with small price tags. According to Forbes, there are approximately 45 million people in the United States with student loan debt, the majority of which owe between $20,000 and $40,000. Student loan debt may be one of the largest debts that either you or your spouse have. If you decide to get a divorce in Illinois, debt can be an important factor when it comes to asset and debt division since you are required to allocate all of your property and liabilities. An experienced Illinois divorce attorney can assist you with this process.

Are Student Loans Marital or Nonmarital Property?

Before you can even begin to look at dividing up student loan debt, you must first look to see if the debt is technically marital or nonmarital property. If the student loans were incurred before the marriage took place, then they would be considered non-marital property and would likely remain the responsibility of the person who incurred them. If the student loans were obtained after the marriage took place, they are considered marital property and will be subject to division.

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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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