The division of marital property is an essential part of the divorce process, but what some people forget is the division of debts. Whether credit cards, car loans, or student loans, it is important to take a close look at the debts that have accrued as a couple. With the help of a Schaumburg, IL family law attorney, you can work toward a carefully crafted property agreement.
Every state has its own approach to dividing property, money, and debts. In Illinois, these are split according to what is equitable, not necessarily even, and the courts take various factors into account. Anything that is considered marital property can qualify for division. At A. Traub & Associates, we bring over 100 years of combined attorney experience, which allows us to negotiate with confidence in cases like these.
What Is Marital Property in Illinois?
Marital property includes assets and debts accumulated during the marriage. If one spouse bought a car before the marriage, it would likely go to the original buyer. However, if the couple bought the same vehicle during the marriage, that would qualify for equitable division.