Money problems are often one of the most cited reasons on why many Illinois couples divorce. It can be a stressful topic to discuss and handle, and all it takes is one major mistake by one spouse to put the couple’s financial future in jeopardy.
While there are several ways in which money can ruin a marriage, some debts have proven to be more effective than others. It is important to acknowledge these issues before a divorce so that you can build your case around the issue.
Educational expenses have been drastically increasing over the years, leading many young college and graduate school students in financial ruin. Many spouses end up bringing these burdens in before or during the marriage, making it difficult for the couple to purchase a home or raise children. A recent study by SunTrust bank suggests that 13 percent of divorces were caused by student debt.
Since Illinois courts attempt to distribute marital property equitably, it can vary how much of your spouse’s debt you have to pay. You may not have to contribute as much if they acquired the debt prior to your marriage since the court wouldn’t consider it as marital property.
Illinois may not be the most expensive state to live in, but it’s certainly not cheap. Out of all the purchases couples make during their time together, a house or apartment is often the make or break point of their relationship. It’s something that both of them have to pay for, and if one falls behind or loses their job, it can be very difficult to recover from.
When determining what to do with the home in a divorce, spouses need to figure out whether they want to sell the house or have one keep it while removing the other from the loan. The court examines their respective incomes and financial records to help them finalize where they end up.
Credit card debt and hidden assets
Communication plays a vital role in successful marriages. Spouses need to be honest with each other about important purchases so they can figure out a plan to pay it together. Unfortunately, some spouses are either shopaholics or make risky business decisions and neglect to inform their significant others until the credit card bill arrives. It is unfair for one spouse to be attached to expensive purchases that they had no idea their money was being used for.
If any of these debts are present going into your divorce, you must let your family law attorney know as soon as possible. Given how costly the process already is, it is important to eliminate as many additional expenses as you can.