Like property, debt is generally considered marital when it is acquired by either party subsequent to the marriage. However, the misuse of property and/or acquisition of debt by one party subsequent to the irreconcilable breakdown of the marriage may be characterized as dissipation and will be the exclusive responsibility of the party who incurred the debt. Debt allocation is determined by the court using the same factors as those used to determine the appropriate division of property.
If you have questions regarding distribution of property and/or allocation of debt or wish to discuss your particular case, please feel free to call The Law Office of Catherine M. Byrne at 312-637-5356.
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