Division of Debt in Illinois
Trusted and Experienced Family Law Lawyers Since 1966
The division of debt during a divorce is both complex and crucial. An understanding of how Illinois laws apply to your property and debt rights can help you ensure your best-possible financial situation following the dissolution of your marriage.
Generally, marital debt, like marital property, is divided equally. However, this is just a starting point. Many factors can lead to an uneven yet fairer division of debt.
For instance, though a credit card is in your name alone, did your spouse "run up" the balance on the card, or is general family debt on the card? Did your spouse's gambling debts lead 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?
At the Chicago law firm of the Law Offices of Elliot Heidelberger, our two-member attorney team has advocated for the debt division rights of hundreds of clients in our over 50 years of combined family law experience. We can work to resolve your debt division challenges pertaining to all marriage-related debt, including:
- Business debt and business evaluations
- Credit cards
- Home and auto debt
- Home equity lines
In today's economy, marital debt is a growing concern. Many houses continue to decrease in value and credit card balances remain high nationally. We can work effectively to maximize your property rights and minimize your debt obligations, and provide counsel regarding bankruptcy and foreclosure options. To learn more about our firm and debt division law, contact us at our Hanover Park or downtown Chicago offices. Call 630-289-4000, 847-289-4000, or 312-443-8003.
