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Posted on in Divorce

Barrington divorce lawyers

The division of marital property is an essential part of the divorce process, but what some people forget is the division of debts. Whether credit cards, car loans, or student loans, it is important to take a close look at the debts that have accrued as a couple.

Every state has its own approach to dividing property, money, and debts. In Illinois, these are split according to what is equitable, not necessarily even, and takes various factors into account. Anything that is considered marital property can qualify for division. 

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Schaumburg divorce lawyer, debt during divorce, divorce finances, divorce and budgeting, divorce processWhen you decide to end your marriage by getting a divorce, the process of separating the various aspects of your life from your spouse and establishing yourself in your newly-single existence can be incredibly complicated. During this time, it is easy to neglect your finances, but doing everything you can to avoid debt will help you prepare for a secure financial foundation following your divorce. 

Consider the following tips for understanding and managing your debt throughout the divorce process:

  1. Get your credit report - It is important to understand your complete financial picture prior to your divorce, and obtaining a copy of your credit report is essential for doing so. This will help you identify all joint bank accounts and credit cards, as well as any outstanding debts.

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