One of the most contentious aspects of the divorce process is the division of property. Many people first think of the assets they will lose during the divorce, but the fact is that debts are also divided during the process. Like the assets that are divided, only marital debt is divided during a divorce. It is not uncommon for married couples to hold joint credit cards, or have a personal loan that is in both of their names. Both spouses are also often co-signers on bigger ticket items too, such as the marital home and vehicles.
Even when one spouse is not listed as an owner on certain assets, they may still be responsible for a portion of them during the divorce. For this reason, it is important that anyone going through a divorce knows how to deal with the debt they have accumulated during the marriage.
Are You Responsible for Your Spouse’s Debts?
Under the Illinois Statutes, debts are divided during the divorce process in the same manner assets are divided. Illinois follows equitable distribution laws when it comes to debts, meaning debts are divided fairly, although not necessarily equally. When making decisions on the division of debt, a family judge will take certain factors into consideration, including:...