Divorce can feel like untangling a knot of shared responsibilities, emotions, and financial obligations. While dividing property often takes the primary focus, deciding who will take on marital debts can be just as important, and just as stressful. Credit cards, car loans, and even student loans all need to be addressed. If you are facing divorce, understanding how Illinois handles debt division can give you clarity and help you plan for the future. Partnering with an Illinois divorce lawyer can protect your financial interests during every step of the process.
What Is Considered Marital Debt?
In Illinois, marital debt includes any debt incurred by either spouse during the marriage. This can include, but is not limited to, credit card balances, mortgages, car loans, student loans, and medical bills.