When 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:
...