211 W. Chicago Ave., #109 Hinsdale, IL 60521

Dan Walker Law Office


Free initial consultation

Divorce Lawyer

Recent Blog

  • You Need to Know About Child Support Modification in Illinois

    There are several reasons why you would want to modify....... (more…)

  • Helping Your Kids Cope Emotionally After A Divorce

    A divorce can be crushing for couples. While the adults....... (more…)

  • Child Guardianship and Power of Attorney in Illinois

    In Illinois, a legal guardian is an individual who is....... (more…)

  • Avoiding Probate in Estate Planning in Illinois

    If you want to ensure your family can access your....... (more…)

  • 3 Tips for Child-Focused Parenting Time

    According to the Illinois Marriage and Dissolution of Marriage Act,....... (more…)

  • How to Establish Paternity in Illinois

    In divorce cases, children are the real victims and unfortunately,....... (more…)

  • Who Can Be a Guardian in Illinois for Minors During a Divorce Case?

    No two divorce cases are equal. While some may result....... (more…)

  • Your Guide to Selling a Home in Illinois

    Selling a home is the biggest financial decision you can....... (more…)

  • Common Questions and Answers about Divorce Laws in Illinois

    Divorce can break a family apart, but sometimes - it....... (more…)

  • What You Need to Know About Asset Division in Illinois

    One of the areas divorcing couples must reach an agreement....... (more…)

  • Seeking a Modification to Child Support Orders

    Providing a child support plan is an important requirement in....... (more…)

  • Using Co-Parenting as Part of Parenting Time

    After a divorce, the custody of a child and subsequent....... (more…)

  • Seeking a Voluntary Acknowledgment of Paternity

    As per the legal stature, Paternity is referred to as....... (more…)

  • Estate Planning as a Form of Insurance

    Real estate planning is something most people don't consider as....... (more…)

  • Differences Between Guardianship and Power of Attorney

    What is Guardianship? Guardianship is a court process that provides....... (more…)

  • All You Need to Know About Tenancy by the Entirety

    What is Tenancy by the Entirety? If you’re married and....... (more…)

  • Understanding Parenting Time under Illinois Family Law

    Divorce proceedings are challenging and unnerving for the entire family........ (more…)

  • Real Estate: Letter of Intent

    In many real estate transactions, a letter of intent may....... (more…)

  • Things to Know When Filing for a Same-Sex Divorce

    In 2015, the Supreme Court of the United States issued....... (more…)

  • 3 Ways a Real Estate Lawyer Can Help You during a Home Sale

    Selling a house is a massive undertaking which involves numerous....... (more…)

  • Unmarried Couple: How to Establish Paternity

    Unmarried parents face a multitude of challenges when they are....... (more…)

  • Asset Division in Illinois

    Divorces can be an emotionally distressing and a difficult period....... (more…)

  • Real Estate Laws Applicable to Guest Vs Tenants

    There are instances when a family member or friend is....... (more…)

  • How to Deal With Debt during Divorce

    Divorce is always difficult, despite being very common, it is....... (more…)

  • Common Myths about Real Estate Law

    Real Estate law is a field which encompasses every legal....... (more…)

  • Can Parenting Time Be Denied?

    Divorce may end the relationship between a husband and a....... (more…)

  • Real Estate Law 101

    Real estate law is a comprehensive field which encompasses a....... (more…)

  • Divorce – How to Make the Best Out of a Bad Situation

    Certainly, divorce is not something you expect to encounter in....... (more…)

  • Stand by Guardianship

    Usually, only a parent of a child has the responsibility....... (more…)

  • 4 Tips to Choose the Best Real Estate Lawyer

    If you or your loved one is looking to purchase....... (more…)

  • How Should I file Taxes if Divorce is not Final?

    Separating from your spouse is not an easy experience. You....... (more…)

  • Getting a Divorce – Learn about How College Expenses are Different from Child Support

    Divorce does not mean that you no longer support your....... (more…)

  • Major Changes Made to Illinois Child Custody Laws in 2016

    Prior to Senate Bill 57, the Illinois Marriage and Dissolution....... (more…)

  • Understanding the Parenting Time Schedule Basics in Illinois

    Many drastic changes have been made to the Illinois Marriage....... (more…)

  • Understanding the 2016 Changes to Illinois Divorce Laws

    In 2015, several amendments to the Illinois Marriage and Dissolution....... (more…)

  • Family Law Blog Coming Soon

    Stay tuned for recent news and articles on the changes....... (more…)

  • Real Estate Law Blog Coming Soon

    Stay tuned for recent news and articles on the changes....... (more…)

How to Deal With Debt during Divorce

Divorce is always difficult, despite being very common, it is a very crucial time in one’s life. Moreover, there are certain issues that need to be resolved such as alimony, division of assets, child Support just to name a few, just to name a few. However, there is another issue which is quite uncommon yet and poses some serious issues during divorce: marital debt. This debt, unlike separate debts, remains the responsibility of both parties.

What qualifies as marital debt?

Most debts and liabilities that are accumulated by a couple after their marriage, but before filing for a divorce are divided equally between spouses. This rule may even apply if loan documentation only contains the name of a single spouse. Debts are generally treated as marital in nature but are not limited to include credit card loans, car loans, and mortgages. However, if these debts are incurred before commencement of a marriage, the spouse who took out the loan may be held responsible for paying it off.

Couples may also opt to enter into a debt together, however, they can categorize that debt as non-divisible in case of divorce by signing an agreement. This agreement may also work for inheritances or gifts received by a spouse during their marriage. When a court determines a debt as marital, then there are many options for splitting the amount of the debt. For example, the court may divide debt equally between spouses or they may split it by percentage deemed appropriate and fair. In case both parties are unable to pay off the amount of debt, then as per the courts orders, the property owned by the couple has to be sold to pay off the liability.

Rules applicable for credit card debts

In case of joint credit cards, the process is straightforward as this kind of debt is generally classified as marital debt. However, separate credit cards may require some consideration under the Illinois law. The balance may be classified as separate, but the court may also determine who the beneficiary of the purchases was. For instance, if entire family benefitted from the goods or services purchased through the credit card, then the debt may be classified as marital debt.

If you are seeking a divorce and have a marital debt, it can be highly beneficial for your case to hire an experienced divorce lawyer. An attorney can help you to protect your rights and minimize the amount that you may be held liable to pay off. If you wish to get more information on this subject or want to schedule a free consultation, contact Dan Walker Law Office at 630-920-8800.

click to call