Aurora Family Law Attorneys
Allocating Marital Debt
Many parties contemplating divorce usually consider issues such as child custody and the distribution of marital assets. However, marital debt is just as important when dealing with the distribution of the marital estate. Marital debt can include; credit cards, lines of credit, mortgages, home equity and home improvement loans on your house and other real estate, and car loans.
It is important to note that all debt acquired during the course of the marriage is not necessarily marital debt. For example, if a party uses marital funds or incurs a debt that was not used for the marital purpose, the opposing party can move to have this debt determined to be an individual debt.
Call our Aurora family law attorneys at (630) 901-8700 and get legal counsel today.
Understanding how Marital debt is Distributed
Marital debt is to be distributed equitably between the parties. The following are common types of marital debt:
- Credit card bills
- Mortgages
- Medical bills
- Car loans
- Home equity lines
- Business debt
- Student Loans
- Other loans
Similar to the distribution of assets, Illinois divorce courts will divide marital debt equitably, which doesn't necessarily mean equally. The divorce court will typically divide assets and debts by considering factors, such as the spouses' incomes, education, child custody, future earning potential and the standard of living established during the marriage.
Contact an Aurora divorce lawyer for legal representation in any family law matter today.
(630) 901-8700
The Law Offices of David Lee is available in Kane, Kendall, Dupage, and Dekalb Counties