Q: What is the rule in Illinois about large purchases during the divorce proceedings?
I asked for separation in Nov of 2017 and filed for divorce in June of 2018. My husband bought a 2017 vehicle costing about $30,000 Nov of 2018. How does this new purchase factor into the division of assets and debt? Will this new debt be included?
A: The vehicle will be included as an asset, the debt will be included as a liability. Typically the spouse who ends up with an asset also ends up with any debt secured by the asset.
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