You are correct in that the court will not reallocate any loans or debt. The parties must negotiate and agree on their own (or a judge will make the decision after a trial) on how to distribute the marital assets and debt and if that is not equal or equitable, then who will need to pay what from where to equalize the distribution. All of the marital assets and debts and balanced against each other.
If you’re executing a separation agreement, it is not filed in the courts or recorded at the register of deeds. It is a contract between Husband and Wife.
After one year of separation, you can file for absolute divorce, but nothing in regards to the separation agreement needs to be presented.
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