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Will I Be Stuck Paying For My Ex’s Debt in an Illinois Divorce?

 Posted on January 27, 2024 in Divorce

Blog ImageThere are many reasons why divorce can be a complicated process. Some couples have an especially acrimonious split and the path toward drafting their divorce settlement is full of spite and anger. Every decision brings a fresh round of arguments. Some couples decide to get divorced because they were not compatible as a couple but they might still care for and appreciate each other. Even so, the emotions and disappointment they might feel can make the process unpleasant. 

The specific matters that need to be settled in a divorce can also make it difficult. Spouses need to agree on several issues like who will stay in the family home, what will happen with their life insurance policies and retirement funds, and what sort of spousal support arrangement they will have. One of the more complicated issues that need to be settled in a divorce is what will happen with debt. There is no one way to settle this that can apply to all couples because everyone’s circumstances are different. If you are headed toward divorce but are worried you will end up being responsible for your ex’s debt, a knowledgeable Cook County, IL debt distribution attorney can help shed light on this topic.

How Do Debt and Asset Distribution Work in Illinois?

The State of Illinois follows a method of equitable distribution, rather than equal distribution. That means that instead of everything simply being split down the middle with each spouse getting half in the divorce, several factors are taken into account to calculate how any debt will be covered:

  • What is this debt from? Credit card debt resulting from unnecessary shopping for luxury items like designer shoes is looked at quite differently from student debt resulting from a spouse trying to prepare for a promising career.

  • Does one spouse tend to pay for the things their household needs - food, clothing, medicine, home maintenance expenses, etc.? If their debt reflects responsibility for routine costs of a family that a couple generally shares, this would be taken into consideration.

Contact a Chicago, IL Divorce Lawyer

If you spent your marriage working and earning money and your spouse accumulated debt in that time, you might be concerned about needing to pay for all that debt on your own. A Cook County, IL debt distribution attorney can explain how these matters are generally handled and help you formulate a plan for what to do next. Please call The Law Offices of Curtis Bennett Ross, L.L.C. at 312-984-1514 to see if a free limited consultation can help you.

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