Credit card debt may be split during Illinois divorce

 Posted on June 24, 2015 in High Asset Divorce

One of the most contentious areas of a divorce proceeding in Illinois involves the splitting of assets, especially high-value assets. However, debts also must be divided during a divorce proceeding. One type of debt that must be considered when getting divorced is debt on credit cards.

Who assumes responsibility for credit card debt following a divorce is usually decided based on if a credit card happens to be a single or joint account. In most cases, marital debt is considered to be all debt that accumulated when the two people were married. This is true no matter whose name is actually listed on the credit card account.

An individual who is getting divorced will thus most likely have to assume partial responsibility for the debt, even if he or she was not the person to make the payments. On the contrary, however, separate accounts remain separate. The person whose name is on the credit account will usually be fully responsible for the debt on that account.

Debt can be a tricky area of a divorce, especially if two people cannot seem to find common ground when it comes to dealing with money matters during divorce. Appropriate legal guidance may help individuals pursue a settlement that is fair and help them avoid being taken advantage of when it comes to the division of assets and debts. It is within the rights of divorcing parties in Illinois to fight for their best interests in an effort to protect themselves financially both short- and long-term.

Source: credit.com, "What Happens to My Debt If I Get a Divorce?", Leslie Tayne, June 23, 2015