The outcome of a divorce is heavily influenced by all aspects of the couple’s marital finances, including both assets and debts. Any marital debt remaining at the time of the divorce may need to be divided equitably between both spouses, and this can lead to complications with creditors in the future. Addressing debt before filing for divorce may help you to simplify the divorce process and protect yourself from financial liability.
It may surprise you to learn that, as with assets, debts incurred by either or both spouses during the marriage are generally considered to belong to the marital estate, meaning that they will factor into the division of assets and debts in the divorce. Common marital debts that divorcing couples must contend with include home mortgages, credit card debt, and vehicle loans. Student loans may also qualify as marital debt if a spouse continued their education during the marriage, especially for the purposes of better providing for the family.
Whenever possible, it is a good idea to be proactive about marital debt before initiating the divorce process. Possible strategies for minimizing the impact of debt on your divorce include:
At Mevorah & Giglio Law Offices, our experienced DuPage County divorce lawyers can help you understand how debt will influence your divorce and advise you on strategies to protect your financial interests. Contact us today at 630-932-9100 for a free initial consultation.
Whether you are going through a divorce, injured in an accident, need to file a workers' compensation claim, charged with a crime, immigrating to the United States, or need to file for bankruptcy, Mevorah & Giglio Law Offices can help. Our trial lawyers have over 40 years of experience helping clients throughout Northern Illinois from four offices in Lombard, Bloomindale, Naperville, St. Charles, and Chicago.
Steven Mevorah has assembled experienced attorneys under one roof so that his clients need not search for a new attorney each time they need help. Mr. Mevorah has also established a wide network of additional attorneys so that his clients merely need to stop by Mevorah & Giglio Law Offices to find the attorney they need.
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