Rockford Marital Asset Lawyer & Illinois Asset Division Attorney

Illinois divorce and asset division laws provide eight classifications of Non-Marital Property, which generally include:

• property acquired before the marriage;
• gifts, legacies, descents (or property acquired in exchange for such property);
• property acquired after a judgment of legal separation;
• certain property acquired in exchange for other non-marital property;
• property excluded by valid agreement of the parties (i.e., premarital or post-nuptial agreements);
• property obtained by judgment awarded to a spouse from the other spouse;
• property acquired by a spouse through the sole use of non-marital property as collateral for a loan that is then used to acquire property; and
• certain increases in value and income of Non-Marital Property.

While these classifications may sound straight-forward, the application is often not straight-forward.  Often, previously separate Non-Marital Property is commingled, such as when a gift or inheritance is placed into a joint banking account. When commingling occurs, there is a presumption that one spouse is making a gift to the other spouse (and marital estate); this presumption must be overcome by clear and convincing evidence.

While the initial focus of marital property is typically on identifying and making sure that a spouse receives his or her share of the marital assets, an equally important aspect of property division is who will be liable for the marital debt.

If you and your spouse have joint credit cards, you will both be legally liable for payment of this debt.  The credit card companies will not recognize an agreement between spouses whereby one spouse agrees to pay off the credit cards.  If there is a default, the credit card companies will seek to collect from both spouses, regardless of any agreement.

It is important when dividing marital assets to determine how debt will be discharged (or paid).  While a divorce settlement does not relieve a spouse from liability against the credit card company, a spouse will have legal rights against the other spouse if the other spouse does not make any payments required under the divorce settlement. As an experienced Illinois marital debt lawyer, I can evaluate the facts of your case and assist in seeking a fair debt-repayment strategy that supports your objectives and best interests.

The debt that either spouse acquired prior to marriage is typically considered individual debt. Alternatively, any financial or debt obligation arising between the date of marriage and the filing of divorce is typically considered marital debt, including for example:

• Automobile financing
• Home mortgage debt
• Hospital and medical bills
• Student loans
• Credit card balances
• Jointly owned business debt
• Outstanding investment debt
• Any other debt acquired during the duration of a marriage