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 attorney 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) 445-8830 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.
“When I needed a family lawyer, I trusted the Women’s Divorce & Family Law Group and you can too.” Dr. Debra Thomas – Orthopedic Surgeon – 1988 U.S. Olympic Bronze Medalist”
100 Saunders Rd.
Lake Forest, IL 60045
3333 Warrenville Rd.
Lisle, IL 60532
77 W. Wacker Drive
Chicago, IL 60601
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During these unprecedented times, we want to assure you that our attorneys are ready and available to help you with any of your family law needs. Whether you are inquiring about a divorce, custody, or domestic violence situation, we remain committed to our clients and those in need. Indeed, we have been offering remote and tele/video conferencing to clients for over 6 years and are more than prepared to continue our normal work from our homes.
Please note also that Domestic Violence, which is far more prevalent even during normal times than almost anyone would imagine, may be amplified by the external stressors everyone is experiencing right now. Help is available and Emergency Domestic Violence Court remains open. If you are in danger, call 911 and ask for immediate police assistance. Once you are in a safe place, contact us immediately to discuss your legal options to stabilize the situation.
To reach our attorneys working remotely for any reason, you can use the Contact Form located on our webpage or via our main number during regular business hours at: (312) 445-8830.