Am I Responsible for My Spouse’s Credit Debt in the Divorce?

 Posted on August 15, 2024 in Divorce

Divorce can feel like a financial whirlwind. Questions like, "Who pays what?" can be especially concerning when debt is involved. A significant question many people wonder in divorce is whether he or she will be responsible for his or her spouses’ debt. If you are getting divorced in Illinois and have questions about debt, discuss these questions with a trained attorney.

The Basics of Debt Division in Illinois

Following the principle of equitable distribution, Illinois law states that any debts obtained over the course of the marriage will be required to be split fairly between the spouses. Suppose your spouse accrued considerable credit card debt while paying for joint expenses during the marriage. In that case, there is a high probability that you could be held responsible for part of that debt.

The Ins and Outs of Marital and Separate Debt

Understanding the differences between marital debt and separate debt is pivotal. Any credit card debt incurred during the marriage is generally considered marital debt, no matter whose name is on the credit card. On the other hand, if your spouse brought credit card debt into the marriage, that would likely be considered separate debt, meaning your spouse would retain full responsibility for it.

Illinois Law and Creditor Rights

It is also important to consider that creditors can still pursue payment, even if the debt is divided during your divorce. In Illinois, if a credit card was used for joint purchases, both spouses might be liable to the lender, no matter what the divorce agreement says.

This could mean you may still face collection action if your spouse fails to pay his or her credit card bills. This makes clearly outlining your financial responsibility in your divorce settlement extremely important.

Do Not Underestimate the Power of Documentation

Keeping meticulous records through the divorce, especially records involving debt incurred during the marriage, is highly important. Credit card statements and any information involving shared accounts can help your attorney argue your case regarding debt division more effectively.

Contact a Wheaton, IL Divorce Lawyer Today

Whether you will or will not be responsible for your spouse’s credit card debt will largely depend on how and when that debt was incurred. Understanding the nuances of debt division and seeking professional help can assist you greatly during this challenging time, helping you to, hopefully, move toward a stable financial future. With so much hanging in the balance, you need a lawyer willing to fight for your rights and interests.

Contact the experienced DuPage County, IL divorce attorneys with The Stogsdill Law Firm, P.C. for legal guidance you can trust. Call 630-462-9500 to set up a private consultation.