Skip to main content

Posts

Showing posts from July, 2016

Debt in Illinois Divorces

Debt is a primary reason for many, if not most, divorces. Though divorce often appears to be the way out of those problems, after a divorce, your debt problems won’t disappear automatically. In reality, just the opposite of what you are thinking may be true. Yes! Unfortunately, your problems are likely to increase. Your marital property and assets are divided in the divorce process. However, you shouldn’t forget that your debts are also divided in a divorce. In fact, debts can add more tension and complexity to the divorce proceedings. There are lots of issues associated with the division of debts during and after divorce. Let’s explore them: How debts are divided at divorce In a community property state, your marital debts are considered as joint debts of which both of you are equally responsible, that is in a 50-50 ratio. For instance, if you and your spouse have $20,000 as a marital debt, then both of have to pay $10,000 each. Community property states include Arizona