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Palatine Division of Marital Debt Attorney

Palatine Illinois division of assets attorney

The division of marital debt must be resolved before a divorce can be finalized. In Illinois, most everything acquired during the marriage, including debt, is considered marital in nature. Like marital property, marital debt is typically divided between spouses equitably.

Questions to Consider When Addressing Debts During Divorce

Attorney Nicholas W. Richardson can provide insight on how to best divide debts during your divorce. Many factors can lead to a fair division of debt that will allow you to move forward following your divorce and maintain financial stability. 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 a credit card that is a joint account or in one spouse's name?
  • Did your spouse spend money for a purpose not related to the marriage (ex. gambling or expenditures on a significant other), leading 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, and your initial consultation is free.

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 valuations
  • Credit cards
  • Home mortgages and auto loans
  • Home equity lines of credit

Contact an Arlington Heights Marital Debt Division Lawyer

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 that your debts will be fairly divided between you and your spouse during the divorce process, contact Attorney Richardson at 847.873.6741 and set up a free consultation today. We serve clients in Palatine, Barrington, Schaumburg, Arlington Heights, Rolling Meadows, Cook County, and DuPage County.

Introducing The Law Office of Nicholas W. Richardson

Nicholas W. Richardson is an experienced divorce lawyer and mediator whose comprehensive legal knowledge, commitment to clients and reputation for results bring lasting solutions to your problems.

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