Division of Debt in Divorce
Law Offices of Tedone & Morton, P.C.
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58 N. Chicago Street
Suite 405
Joliet, IL 60432
815-666-1285
15300 S. Route 59
Suite 104
Plainfield, IL 60544
815-733-5350

Will County Marital Debt Division Lawyers

Divorce Attorneys for Financial Matters in Joliet, Illinois

When most couples file for divorce, one of the first questions they consider is how they will divide their marital property. Depending on your financial circumstances, a better question might be, "How will you divide your marital debt?" Just as marital assets are split between spouses, so too is martial debt. Dividing debt, however, can be a complicated process that poses significant financial risk in the future. At the Law Offices of Tedone & Morton, P.C., our attorneys are experienced in working with divorcing couples and debt. We take a big picture perspective to negotiating and litigating these matters and always seek the best possible solution for our clients.

Complicating Factors in Martial Debt Division

Any joint debt held between spouses is considered marital debt no matter whose name is on the debt. For example, your spouse may be responsible for the debt on a credit card that is in your name if you use the card for joint purposes. All martial debts are subject to division as part of your divorce settlement or the judgment of the court. It's important to note, however, that the terms of your divorce settlement have no bearing on your contractual obligation to your creditors. If your spouse is ordered to pay off a debt that is in your name and fails to do so, the creditor can still take action against you.

For this reason and others, it is wise to work with an experienced attorney when determining how to best divide marital debts and assets. There are strategies to minimize risk when dividing debts. For example, it may be in your best interests to accept responsibility for debts in your name in exchange for a greater share of marital assets. This allows you to ensure your credit is preserved even after your marriage is dissolved. Our attorneys work closely with you to find the best solution to difficult property & asset division questions.

To discuss your marital debt situation or to learn more about how we can assist you with your divorce, contact us to schedule a free consultation. Our firm serves clients in Joliet and Plainfield, throughout Will County, Grundy County, Kendall County, Kankakee County and beyond.

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58 N. Chicago Street, Suite 405
Joliet, IL 60432
815-666-1285

15300 S. Route 59, Suite 104
Plainfield, IL 60544
815-733-5350