Most people are at least somewhat familiar with the concept of marital property division in divorce. But divorce involves dividing debts that were incurred jointly during the marriage (or possibly personal debt incurred by one spouse before the marriage) in addition to dividing property that was acquired during the marriage. It is very important that the divorce settlement accounts for all debts and liabilities, whether joint or individual, and that those debts are equitably divided.
Experienced Property And Debt Division Attorneys
At Lake Toback, we provide results-oriented representation for people in matters involving property and debt division. We understand the many complex legal, financial and tax issues that the debt question presents. When we handle your case, we will ask questions such as:
- Do you have joint credit card accounts with your spouse?
- If you are to receive the family home as part of the settlement, can you cover the mortgage payments on the income you will have after your divorce?
- Can you qualify for a mortgage or have the ability to refinance your present mortgage?
- If the proposed property settlement involves the transfer of a vehicle to you, will you be responsible for the monthly payment?
- If you have filed joint tax returns with your spouse, do you owe outstanding IRS or Illinois tax debts?
- If you and your spouse have unmanageable debts, should you file bankruptcy? If so, should you file before or after your divorce?
Our lawyers have answers to these and other questions involving debts and divorce. We can also advise you regarding steps you can take to protect your credit score and other financial aspects of your divorce.
When you choose our law firm, we will properly account for and seek an equitable division of all marital debts and marital property. Lake Toback will work diligently to obtain the best overall property and debt settlement for you, while protecting your rights and interests.
Contact Our Firm
To schedule a consultation in our offices in Chicago's Loop, contact Lake Toback.