When a couple dissolves a marriage, the entirety of the marital estate, including property, assets, and liabilities, must be fairly allocated between the spouses. Apportioning debt in a divorce is a similar process to that of dividing marital assets; however, there are a few unique considerations that can arise. For example, when one party handles the finances during a marriage, it may be possible for the other spouse to be unaware of certain debts. Consequently, it could be argued in court that the unknowing spouse should not be liable for the debt.
Illinois property division laws direct Courts to equitably divide the marital estate, including debts. However, equitable distribution does not mean that debts will automatically be split equally. For this reason, having a tenacious Illinois marital debt lawyer by your side can significantly impact the outcome of your case. Regardless of whose name assets or liabilities are titled in, you deserve a fair outcome.
If you are contemplating or are in the midst of a divorce, we invite you to call our office to schedule a free, no-obligation consultation with experienced Illinois marital debt attorney James Teeter. He can explain how we help clients in Rockford and throughout Winnebago, Boone, and the surrounding counties and communities navigate all aspects of the marital property and debt division process.
If you are seeking a divorce or have been served with divorce papers, we encourage you to read the following debt division FAQs to learn how marital debt is divided in Illinois.
Dedicated Rockford Marital Debt Division Lawyer James Teeter Can Tenaciously Advocate for You.
We can help reduce the stress of your divorce and property division by taking on the full responsibility for understanding what assets and debts comprise your marital estate and developing a pragmatic and comprehensive strategy for getting you your fair share.
We start by understanding the facts. We gather documents and ask the right questions to accurately assess the financial situation of your marriage. It is our duty to uncover issues you may not have thought to raise.
We know how to find hidden assets, fairly value assets, compile financial information, and explain it to you. Thus, you do not need to be a detective or an accountant. We can help.