Handling Debt and Liabilities in Divorce | Full Episode | Illinois Divorce Guide with Bobby Buchanan

13 Просмотры

Спасибо! Поделитесь с друзьями!

Вам не понравилось видео. Спасибо за то что поделились своим мнением!

Издатель Jul 3, 2025

Dividing debt during a divorce can be just as important—and just as emotional—as dividing assets. In this episode, attorney Bobby Buchanan and host Greer Howard break down how Illinois courts treat debt in divorce, including mortgages, credit cards, medical bills, and taxes. Whether you're in the middle of a divorce or just thinking about it, understanding how debt is split could save you serious stress (and money).

▶️ Don’t let debt catch you off guard. Learn what counts as marital debt, how to protect yourself, and why quick, informed decisions can make all the difference.

Timestamps:
[00:00] – Why debt is such a big deal in divorce
[01:28] – Common misconceptions about debt after filing
[03:00] – Bobby shares his personal experience with debt
[04:50] – Marital vs. non-marital debt in Illinois
[06:20] – Why emotions and debt go hand-in-hand
[07:30] – Mortgages and staying in the marital home
[09:00] – Why refinancing matters more than you think
[11:00] – Rising mortgage rates and what they mean in 2025
[12:00] – Credit card debt: Who’s really responsible?
[13:40] – Hidden cards, secret spending, and dissipation
[15:00] – When should you consider filing for divorce?
[17:20] – Can documentation help protect you from your spouse’s spending?
[19:15] – How a postnuptial agreement could save your marriage—or your finances
[21:30] – What amount is actually worth fighting over?
[23:10] – Misconceptions about separation and liability
[25:00] – Surprise tax debt during divorce
[27:00] – Why BOTH spouses should understand the taxes
[28:40] – Innocent spouse relief: A rare exception
[29:10] – What about medical debt and elective procedures?
[32:20] – The real cost of dragging out the divorce process
[34:15] – Final takeaways: Control what you can and face the finances now