That Divorce is almost final but the two of you share debt. You might have a mortgage, consumer loans or credit cards held in both names. You might also have credit cards in your own individual name that you used during the marriage. Are you supposed to shoulder all that debt yourself?
No! The Laws in Illinois provide for dividing debt built up during the marriage even if it is held in your own individual names.
What types of marital debt can you divide besides Credit Card Debt?
Mortgages, Second Mortgages, Home Improvement loans, Car Loans, School Tuition, Private Loans, Consolidated Loans.
Illinois Divorce Courts will not necessarily divide debt equally. The Courts will divide Debt according to what is fair and equitable. If you are settling your case rather than letting a Judge make the call, your Lawyer can help you decide in advance who will take what Debt. For example, many divorcing couples agree that they will each pay off the credit cards in their own individual names if the balances owed are about equal or were purely for their own individual expenses outside of the marriage but that is not always the case.
What if you put a big home improvement on your credit card? You should not have to pay that off yourself. Another example is that a car loan should be paid off by the person who has the car. What about Home Mortgages? The First and Second Mortgage on your home gets paid off with the sale of the residence or a refinance if one of you is keeping the house or condo after the divorce.
These are not easy calls. Consult an Attorney to assist you. We at Gabrielle S. Davis, PC can help you divide Marital Debt by Settlement or at Trial.