Palatine Division of Marital Debt Attorney
The division of marital debt must be resolved before a divorce is finalized. In Illinois, most everything acquired during the marriage, including debt, is considered marital in nature. Like marital property, marital debt is typically divided equitably.
Questions to Consider
Attorney Nicholas W. Richardson can provide insight 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 a shared credit card?
- Is the debt related to the acquisition of an asset 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 (ex. 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 847.873.6741 or contact us online to find out how an experienced Palatine divorce lawyer can help with your marital debt needs. We offer flexible appointments and off-site meetings.
The Law Office of Nicholas W. Richardson, P.C., 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. Attorney Richardson can work effectively to maximize your property rights, minimize your debt obligations and provide counsel regarding bankruptcy and foreclosure options.
To ensure the debts of you and your spouse are fairly divided, contact Attorney Richardson at 847.873.6741. We serve clients in Palatine, Barrington, Schaumburg, Arlington Heights, Rolling Meadows, Cook County and DuPage County.