During a divorce, the parties often contest the division of property. Parties contest this issue not only because disagreement exists over division of valuable assets and property, but also because many parties disagree over the division of marital debts they share. Under Illinois equitable distribution laws, divorcing couples must equitably share both assets and debts (e.g. each spouse takes responsibility for half of the credit card debt).
In attempting to determine how credit card debt should be divided, multiple issues can arise. Because distributing your credit card debt involves you, your soon-to-be ex spouse, and the credit card company, taking the appropriate steps to protect yourself from any action your ex spouse might take without your authorization. Below are a few tips on how to insulate yourself and your credit card debt from your spouse’s share of the credit card debt.
Taking steps to protect yourself is important if you are concerned that your soon-to-be ex spouse may attempt to shirk his or her half of the shared credit card debt. Further, if your soon-to-be ex spouse goes on a shopping spree, you can be held liable for those debts and it can severely impact your credit for many years after the divorce.
Marital debt constitutes a large part of many divorces, but few people think about shared debts until they have filed for divorce. Debts, like any other property, must be shared equitably between spouses. The team of experienced divorce attorneys at the Women’s Divorce & Family Law Group can provide you with guidance and answer any questions you may have regarding your divorce. Please call us at (312) 585-6604 to schedule your consultation.
There are many factors to consider when contemplating divorce, and a pre-divorce planning session can help you begin to plan for a divorce. Please contact the professionals at the Women’s Divorce & Family Law Group by calling (312) 585-6604 or clicking here to schedule a consultation.
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Chicago, IL 60601
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