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All Press Releases for January 11, 2014 »
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Working with your spouse to divide the debts of your marriage

Individuals going through a divorce need to give very serious thought to the division of their marital property, which will include debts that the couple has accumulated during the marriage.
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    January 11, 2014 /24-7PressRelease/ -- There are many reasons why a spouse may consider filing for divorce. It is not an easy decision, and there are often many attempts at making the relationship work before the final decisions are made. It can be very difficult to know what the right move to make is, and many couples often struggle with taking those first steps toward ending a marriage.

As part of most divorces, there will be several items that will need to be addressed between the spouses. Child custody and support are two major components for families with children, and these issues often lead to serious disagreements between the spouses. The division of the marital property that belongs to the couple is another issue that can cause delays in the process.

In Illinois, marital property must be divided equitably, to ensure that each spouse is treated to a fair share of the property. Many people do not know what this means, and think that this will entitle them to one-half of the couple's property, but this is not necessarily the case.

When the couple is discussing their property division arrangement, they will often look at the major assets that they own. If they own a house or business, they will consider potential solutions that may allow each spouse to keep a certain portion of those items. However, the couple should be sure that they discuss the debts that they have at this time, as they will need to be divided equitably as well.

This is especially important when it comes to mortgage balances or credit card debts. If one spouse is left to deal with these debts alone, it could quickly result in bankruptcy or other serious financial problems. It makes it impossible for these spouses to begin a new life, as they will have to handle these issues prior to moving forward.

If you have questions about your divorce or the division of marital property, you should consult an experienced family law attorney familiar with the courts in your area. It is important that you speak to someone about the assets and debts that you and your spouse have, as you will need to receive advice that is tailored for your specific situation.

An attorney can explain the entire divorce process to you, and help you focus on the issues that you will have to resolve in order to end your marriage. This will help you understand the effect that the divorce will have on your future, and enable you to make the decisions that will leave your family in a positive place. This may be a very difficult time for you emotionally, and you need to be sure that you do not make things worse for yourself by making poor choices on such important matters.

Article provided by Law Office of Ronald L. Hendrix, P.C.
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