Q: Does Illinois divorce law ask about individual or joint debts in papers?

A: The question is asking for all property purchased by either party and held in either name or joint name since the date of the marriage. Full disclosure and complete transparency is advised.

A: If you are going to go bankruptcy, do that before the divorce. The reason is it is a joint bankruptcy and is cheaper when one lawyer does both of you. Then after the bankruptcy is over, you can proceed with your divorce.

A: In Illinois divorce papers, the question about debt usually refers to all debts incurred during the marriage, whether jointly held or solely in one person's name. Even if a debt is only under your name or your spouse’s, it's still typically considered marital debt if it was acquired during the marriage.

You mentioned that you and your spouse have agreed to each handle your own debts. That agreement is helpful, but it’s important that you clearly list all debts, individual and joint, so the court understands your full financial picture. Being transparent protects both of you, especially if bankruptcy might become part of your financial planning.

Considering bankruptcy can complicate the divorce, because bankruptcy proceedings may impact how debts are treated in your divorce decree. It would be wise to carefully document all debts clearly on the paperwork, ensuring that the agreement you have reached is formally recognized by the court. This transparency will help you avoid future misunderstandings or legal complications down the road.