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DuPage County marital debt division attorneyWhen going through the divorce process in Illinois, couples typically focus on how to divvy up assets they acquired during the marriage. Less attention is paid to the financial obligations the parties incurred since the wedding date, so debt in divorce is often overlooked. In particularly contentious cases, bitter disputes and court battles may erupt as one spouse attempts to hold the other accountable for the amount due. Even if you are on relatively good terms, marital debts can often stand in the way when you are trying to reach an agreement on distributing real estate and personal property.

It is always wise to rely on experienced legal counsel when addressing divorce-related issues, so you should consult with an attorney about your specific circumstances. However, an overview of Illinois law may help you understand the basic concepts.

Illinois Law on Dividing Assets and Debts

Illinois’s statute on the disposition of property in a divorce requires an equitable distribution of all property and assets that belong to the marital estate. The law goes on to include debt and financial obligations in the definition of “marital property.” Therefore, it is important to consider the following regarding any debt belonging to you or your spouse:

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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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