I am in the beginning stages of possible divorce and just need a better understanding of what happens from here. Aside from our home our debt includes my student loans accrued during marraige, and the my primary vehicle for myself and children that is in his name. When it comes to assets I understand for the most part it is equal division. What is the difference in debt?
Debt, like assets, is equally divided.
The marital values of the all of the marital assets are leveraged with the marital values of the marital debts and then distributed to each spouse. If the distribution is unequal or not equitable, then one spouse will have to pay the other an amount to make the net distribution equal or equitable.
A marital debt is any debt acquired during the marriage for a marital purpose or a joint marital benefit.
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