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Divorce and Bankruptcy
A Judgement of Dissolution of Marriage can assign certain debts that are of the responsibility of each spouse to pay. Whether paid or not, if either party files a bankruptcy after the Judgement of Dissolution of Marriage is entered, it is possible that certain debts could be discharged for bankruptcy purposes. On the other hand, discharging certain debts in a bankruptcy would not abrogate the responsibility of the person who filed for bankruptcy still having to pay any debts assigned to the person within the context of the dissolution of marriage case.
In dividing property, the Illinois court considers all relevant factors including the contribution of each party to the value of the property, particularly the contribution of a spouse as a homemaker, the value of the property distributed to each spouse, the length of the marriage, the financial situation of each spouse when the property is divided, (such as the need to give the family home to the spouse who has custody of the children), any obligations and rights arising from a prior marriage of either party, the age, health, station, occupation, income, vocational skills, employability, estate, liabilities, and needs of each of the parties, the custody of any children, and the reasonable opportunity of each spouse for future acquisition of capital assets and income.
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