When you realize you are headed toward divorce, your mind can be flooded by endless thoughts and concerns about what will happen to you financially. There are child support and alimony payments to think about. You and your spouse will have to figure out how you will be dividing your marital assets. On top of it all, couples getting divorced in Illinois also need to settle how they will divide their marital debt. If your spouse has amassed significant credit card debt, you are probably wondering whether you will be stuck paying for it all. A seasoned Wheaton, IL family law attorney can discuss all these issues with you and answer any questions you have.
Debt Division in an Illinois Divorce
Since Illinois follows an equitable distribution model, any assets and debts that a couple obtained during their marriage are fairly divided between the two spouses. As with asset division, debts are not divided equally, but fairly. If your spouse’s credit card debt was the result of covering the costs of your children’s education, household maintenance, or your career development,you will likely have to cover part of it. If the debt is from unnecessary spending on luxury items, that becomes less likely. Every case is unique and the court will consider all the relevant factors before deciding who needs to pay for what.