If you find yourself in a divorce situation, you know that the entire process is not easy. One of the biggest hurdles to any divorce proceeding is the separation of assets and debt. Thankfully, there are options to get everything back on track and make sure that both parties are amicable to the results. Divorce lawyers are well versed in how to ensure a proper splitting of both assets and debts, and they can help you get your divorce settled much sooner.
Divorce in Illinois
Since each state has different laws regarding divorce and the separation of property, you first need to find a qualified lawyer. If you live in the Elgin region of Illinois, the Casement Group is a fantastic provider of all legal services you may need. In this state, if a couple cannot come to an agreement as to the division of property or debt, the decision will fall to a judge to decide. To better understand the process for dividing debt, let’s break it down.
What is Marital Debt?
Marital debt refers to any debt that was incurred by either or both spouses for the good of the household. For example, taking out a home loan, spending money on household items, or paying for regular maintenance would all fall under marital debt. If, however, you ran up any debts without the knowledge of your spouse, he or she may not be liable to pay it back.
Similarly, if you ran up a huge credit card debt before you ever met your spouse, then that debt is all your own. Even if your partner helped you pay some of it off, because that debt was incurred before the marriage, your spouse is not liable. Only marital debt can be split between partners during a divorce.
Using a Divorce Lawyer
Unless you want your case to go to a judge, the best way to settle any issues of debt is through a lawyer. A judge will look at everything objectively, whereas a lawyer will have your best interests in mind. Consulting a divorce lawyer can make all the difference in creating a smoother, more agreeable ruling.
