Palatine Debt and Divorce Lawyer
The division of marital debt must be resolved before a divorce is finalized. In Illinois, with some exceptions, anything that is acquired during the marriage, including debt, is considered marital in nature. Typically, marital debt, like marital property, is divided equitably.
Questions to Consider
Attorney Nicholas W. Richardson can provide insight as to best divide debts. Many factors can lead to an uneven yet fairer division of debt. For example, answers to these questions may be a factor:
- Did your spouse "run up" the balance on the card?
- Is the debt in relation to the acquisition of an asset that was awarded to one spouse?
- Which spouse will receive the benefit for which the debt was incurred?
- Is general family debt on the card?
- Did your spouse's debt incurred for a purpose not related to the marriage, like gambling debts or expenditures on a significant other, lead to significant debt?
- Do you have questions regarding who will make payments once a car or other property is allotted to you or your spouse?
Call 847.423.8785 (toll free: 866.604.3763) or contact us online to find out how an experienced divorce lawyer can help you with your child custody needs. We offer flexible appointments and off-site meetings are available.
The Law Office of Nicholas W. Richardson can help resolve your debt division challenges pertaining to all marriage-related debt, including:
- Business debt and business evaluations
- Credit cards
- Home and auto debt
- Home equity lines.
In today's economy, marital debt is a growing concern. Many houses continue to decrease in value and credit card balances remain high nationally. We can work effectively to maximize your property rights and minimize your debt obligations and provide counsel regarding bankruptcy and foreclosure options.
