Illinois couples who are considering a separation or divorce should also begin the process of evaluating their amount of consumer and other debts. When couples elect to divorce in Illinois, the partners are required to divide both their assets and debts between them. If the matter of debt and asset distribution is placed into the court system, the state’s equitable distribution guidelines will be used.
However, in most cases, these rules are not conducive to the wide variety of financial situations couples may be contending with. Also, it is important to understand that the state’s equitable distribution guidelines do not mean that all debts and assets will be divided equally. Instead, they will be divided in a manner that court deems to be fair and just based on the circumstances of the situation.
Prenuptial Agreements Often Fail to Include Provisions for Debt Accumulated While Married
In many cases, even if the couple had executed a prenuptial agreement that outlines the distribution of separate and marital assets, the issue of debt accumulated during the marriage was not included and planned for in the agreement. Many couples find that the best solution to amicably resolving the issue of debt accumulated during marriage is to work together to pay it off before beginning the divorce process. If this is not possible, each partner must be proactive about making sure that they do not take on more than their fair share of the total debt load.
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