How to Handle Debt and Divorce

The division of marital property is an essential part of the divorce process, but what some people forget is the division of debts. Whether credit cards, car loans, or student loans, it is important to take a close look at the debts that have accrued as a couple. Every state has its own approach to dividing property, money, and debts. In Illinois, these are split according to what is equitable, not necessarily even, and takes various factors into account. Anything that is considered marital property can qualify for division.  What is Marital Property? Marital property includes assets and debts accumulated during the marriage. If one spouse bought a car before the marriage, it would likely go to the original buyer. However, if the couple bought the same vehicle during the marriage, that would qualify for equitable division. These rules also apply to debt. Any liability is subject to be split fairly, no matter whose name is associated with the debt. An…

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