Illinois residents who have made the hard choice to get divorced must wrestle with many challenging steps through the process of reaching a final settlement. For families with children, certainly determining when each parent will have time with the kids may be one of the hardest elements of a divorce. When it comes time to focus on financial matters and how to split assets, emotions may run high as well especially when the topic of how to split debt arises.
Money Management International explains that if a particular debt is in one spouse's name only, that debt main remain the sole responsibility of that person. Any debts with both spouses listed, however, may need to be split just like assets. A mortgage or credit card account are two common examples of joint debts.
