Naperville Debt Division Attorneys

DuPage County Divorce Lawyers for the Allocation of Debt

When you are going through a divorce, questions regarding property division and allocation of debts often come to the forefront of discussions. At Calabrese Associates, P.C., we realize there are two distinct elements that make up your marital estate: what you own and what you owe. Debt requires careful consideration in the divorce process as well, and we are prepared to help.

Warrenville Attorneys for Property and Debt Concerns

Under Illinois law, marital debts are handled in very much the same way as marital property. With very few exceptions, any debt acquired by you or your spouse during your marriage is considered joint and is subject to equitable division. This generally includes:

• Mortgages and home equity loans;
• Auto loans;
• Student loans;
• Personal loans;
• Oustanding tax obligations and tax liens;
• Medical bills;
• Credit card balances; and
• Business loans and outstanding obligations.

For more than 20 years, our law firm has been helping families through every aspect of divorce. Our experienced family law attorneys utilize a team-based approach to help you find a workable solution through negotiation whenever possible. Protecting your interests is always our top priority, and we are ready to litigate your case as well, if necessary.

Equitable Distribution Attorneys Serving Glen Ellyn and Carol Stream

The division of debt in divorce does not necessarily result in an even split of marital obligations. Instead, the law requires all marital property and debt be equitably allocated between the spouses. Our attorneys help you develop an agreement that takes into account various factors provided in the law. When dividing the marital estate, including outstanding debt, the court must consider:

• The age, health, income, and resources of each spouse;
• Each spouse's contribution to the marital estate, including those of a stay-at-home spouse;
• Claims of dissipation by either spouse;
• The duration of the marriage;
• The post-divorce situation of each spouse;
• Provisions being made regarding any children;
• Any prenuptial or postnuptial agreement; and
• Any other relevant factor.

We understand the importance of drafting an agreement that meets the standards of the law while meeting your needs.

DuPage County Attorneys Guiding You Toward a Better Future

Once you, or the court, has decided how marital debts are to be divided, there are still other important considerations. Most consumer debt, including credit card balances and mortgage agreements, are not automatically adjusted based on your divorce judgment. Your contract with the individual institution allows the company to pursue collection activities against you in the event your spouse fails to meet his or her payment requirements. We can help you take the necessary steps to get your name off of such accounts and restructuring the debt agreements to match your divorce judgment whenever possible.

If you have more specific questions about the division of debt in divorce, contact our office today. At Calabrese Associates, P.C., our skilled attorneys are ready to work with you to find the answers you need. We are proud to serve Naperville, Warrenville, Winfield, Aurora, Downers Grove, and Carol Stream, as well as the rest of DuPage, Kane, Will, and Kendall Counties. Call 630-393-3111 for an appointment. Se habla español.