Plainfield Division of Debt Attorneys
Division of Debt Lawyers in Kendall County
Just as assets and property are divided in a divorce, so too are debts. A married couple shares responsibility for debts acquired jointly while married. In a divorce, those debts must be assigned to either party. How debt is assigned can have serious future consequences. It is important to handle these matters carefully and mindfully. At the Kendall County divorce law firm of Goostree Law Group, we are experienced in handling marital debt division matters. We know how to effectively represent our clients’ interests and ensure you are not unfairly burdened with debt in your divorce.
Dividing Debt Fairly in Kendall County
Dealing with marital debt can be as complicated as dealing with division of assets and property. While some debts are held jointly, others may be in one or the other spouse’s name. Just because a debt is not in your name, however, does not mean that you will not be made responsible for paying that debt. The court considers a number of factors when making determinations about who will be held responsible for a debt including the financial situation and earning potential of each spouse.
The court will also consider how and why the debt was incurred. For example, one spouse might purchase a car that is used by the other spouse. The car loan debt may be assigned to the spouse who uses the car rather than the spouse whose name is on the loan. Situations such as these pose additional concerns, however, as creditors can take action against the loan holder if the debt is unpaid by the former spouse. Our attorneys seek solutions to debt division issues that do not expose our clients to credit risks wherever possible.
How debt is divided is part of the overall property division process and accepting responsibility for a debt can be used to offset obtaining an equivalent share of an asset. Our attorneys are skilled in negotiating and litigating these matters. We consider the totality of your financial situation when striving for the best possible solution.
If you are dealing with debt issues in your divorce, contact us at 630-882-5668 to schedule a free consultation and learn how we can assist you. One of our experienced divorce attorneys will meet with you, answer your questions, and discuss your rights and responsibilities in regards to marital debt. Our firm represents clients throughout Northern Illinois including Kendall County and the surrounding areas.
