It is important for Joliet, Plainfield, and other Will County residents to protect their property interests when going through a divorce. Marital debt is significant part of a spouse’s interests, and understanding how marital debt is divided is useful to better understand the divorce proceedings.
Marital debt is considered marital property, much like a house or a car the couple bought together. It is the debt incurred during the course of the marriage. Not all debts incurred by a spouse during the marriage is considered a marital debt, and non-marital debts will usually be owed by the individual, alone.
The division of marital property and debt can be divided by agreement between the spouses during a divorce. A Judge will look over the agreement to make sure it is not grossly unfair, and will sign off on it if it’s acceptable. It is important to have an attorney read any agreement to make sure you are fully protecting your interests.
If no agreement exists, the Will County Court will divide all debts and property fairly. However, this does not necessarily mean that the division of debts and property will be divided equally. Judges look at many different factors when determining how to divide property. Some of these factors include; how much each spouse contributed and took away from the marital property; value of the property, or the amount of the debt; length of the marriage; custody of any children from the marriage, opportunity for a spouse to earn in the future, and the age, health, occupation, income of each spouse.
Joliet, Plainfield, and other Will County residents should understand that marital debt is an important element in divorce proceedings. Often divorcing spouses are concerned with who gets the car, however, who has to pay the bills can be just as important. If you have a situation that you would like to discuss with an experienced Will County divorce attorney, please call: Hamilton & Antonsen, Ltd. at 815.729.9220 for a complimentary consultation.