When a marriage ends, most people expect to divide assets, but few anticipate the financial hurdles that come with debt. From shared credit cards to medical bills or business loans, the question of who pays what after the divorce can quickly turn a difficult situation into a high-stakes financial puzzle.
In Illinois, the law does not always treat debt the way people would assume. A bill in your spouse’s name could become your responsibility, or a debt you never knew existed might suddenly impact your credit.
Understanding how state courts classify and divide debt is vital to protecting your future. A Wheaton divorce attorney can help you untangle complex financial obligations and advocate for a fair division of assets and debts.
What Types of Debt Are Considered in an Illinois Divorce?
In Illinois, debts are categorized as either marital or non-marital. Marital debt includes anything borrowed or charged by either spouse while the couple was married, even if the account is only in one person’s name. Non-marital debt refers to debt taken on before the marriage began or after the couple legally separated. This can also apply to debts excluded by a valid prenuptial or postnuptial agreement.