Orland Park, IL Debt Division Attorneys
Will County Lawyers Providing Martial Asset Division Help
Just as marital assets are divided in a divorce, so too are marital debts. Debts incurred during the marriage are typically considered marital debts, with some exceptions. At the Illinois divorce law firm of Kezy & Associates, we are experienced in handing marital debt division matters. With over 25 years of experience handling property and asset division issues in divorce, our Joliet divorce lawyers have the skills necessary to effectively advocate for our clients' financial interests in these matters.
What Constitutes Marital Debt in Illinois
Married people incur a wide range of debts throughout a marriage. Some of those debts are joint debts and some are separate debts. Joint debts typically include:
- Home mortgages;
- Car loans;
- Jointly held credit cards;
- Credit card debt from jointly used purchases; and
- Jointly held business debt.
Just because a debt occurred during the marriage, however, does not automatically make it a martial debt. Separate debts may include:
- Separately held credit cards; and
- Business debt from separately held businesses.
Whose name is on the debt is not always indicative of who will be held responsible for the debt. If, for example, only your name is on a credit card but it is used for household expenses, the debt incurred on that card would still be considered joint debt. Likewise, the court may make one spouse solely responsible for a debt for which both spouses are named. Sorting through the assets and debts accumulated during a marriage is a complex process requiring both skill and experience. At our firm, we carefully review our clients’ financial history and circumstances so we can effectively advocate for your interests.
Debt, Creditors, & Divorce
Assigning debt is an important part of the property and asset division process, but a finalized divorce does not always prevent creditors from pursuing the spouse who is not responsible for the debt. If your ex-spouse fails to pay a debt that is in your name, your credit can suffer the consequences. Our Joliet divorce lawyers are experienced in advising clients about how to protect their credit rating and credit history when dealing with marital debt issues.
If your divorce involves debt division issues, contact us at 708-518-8200 to schedule a free consultation to discuss your needs. We will explain how debt is divided in a divorce and what you can expect in your specific situation. Our firm is located in Orland Park, IL, and we serve clients throughout Will County.