Illinois Divorce-ADDitional Debts & Liabilities refers to all debts and liabilities incurred or assumed by either spouse during the course of the marriage that are not part of the marital estate. This includes any debt incurred before the marriage, any debts incurred during the marriage, and any debts assumed after the marriage. These debts must be identified and assigned by the court in a divorce decree. The types of Illinois Divorce-ADDitional Debts & Liabilities include but are not limited to: premarital debt, post-marital debt, credit card debt, loan debt, medical bills, tax debt, and student loan debt.
Illinois Divorce-ADDitional Debts & Liabilities
Instant download
This website is not affiliated with any governmental entity
Public form
Description
Divorce-ADDitional Debts & Liabilities
How to fill out Illinois Divorce-ADDitional Debts & Liabilities?
US Legal Forms is the simplest and most cost-effective method to discover appropriate legal templates.
It is the largest online collection of business and personal legal documents crafted and verified by legal professionals.
Here, you can access printable and fillable templates that adhere to both federal and local regulations - just like your Illinois Divorce-Additional Debts & Liabilities.
Review the form description or preview the document to confirm that you have located one that satisfies your needs, or find another one using the search function above.
Click Buy now when you are sure about its conformity with all the criteria, and select the subscription plan that suits you best.
- Acquiring your template involves just a few straightforward steps.
- Users with an existing account and a valid subscription merely need to Log In to the site and download the document onto their device.
- After that, it can be found in their profile under the My documents section.
- Here’s how to obtain a professionally drafted Illinois Divorce-Additional Debts & Liabilities if you are accessing US Legal Forms for the first time.
Form popularity
FAQ
Nonmarital debt is solely the responsibility of the spouse who incurred it, at least in most cases. Illinois' general rule in these situations is quite straightforward. All debts incurred before the marriage are nonmarital. All debts incurred during the marriage are marital, even if they are only in one spouse's name.
In Illinois, credit card debt is typically considered marital debt, which means it is subject to division during a divorce. The Illinois Marriage and Dissolution of Marriage Act provides that all marital property, including debt, should be divided equitably between the parties in a divorce.
How Is Debt Divided In An Illinois Divorce? Like most other jurisdictions, in terms of divorce property settlements, Illinois is an equitable division state. The marital estate, which includes both assets and debts, must be divided equitably. There is a very strong presumption that a 50-50 division is equitable.
Marital Debt is Divided Equitably If the court divides marital debt, it will be divided equitably between both parties. This applies to long-term debts, such as mortgages or car loans, and short-term debts like credit cards or medical bills. Each party is responsible for paying its share of the marital debt.
Any debt accrued during your marriage is considered to be marital debt, unless there is documentation in place excusing one spouse from it.
What Assets Is A Wife Entitled To In An Illinois Divorce? A spouse is entitled to have the court consider the division of any asset or debt which is determined to be marital. If the property was acquired after the wedding date by either party, that property will be considered marital property.
The person who incurred the debt AND can pay the debt will likely be responsible for the debt after an Illinois divorce. Typically, debts assigned to one spouse that are in the name of the other spouse will be immediately paid from the liquidation of any assets awarded to the debt-responsible spouse.