Divorce can be a heart-breaking experience and one of the worst aspects is dividing the assets and debts from the marriage. First divide all assets needed for living such as real estate and automobiles thereby the parties will have the least cost to replace those high ticket items. Next divide the cash assets as well as the cash equivalent assets in as equitable a manner possible.
As for the unsecured liabilities there are two ways to go about it. The first is to divide all credit card, loans and so forth equally between the wife and husband which is fine if both parties are equal so far as economic stability. If either party earns substantially more than the other the debt then becomes an unfair burden to that party. It may be necessary to amend some of that burden with alimony payments.
The other way is to divide the burden of debt between the parties according to their earnings. For example say the husband earns $70000 a year and the wife ears $40000. Their total debt comes to $25000, so a division could be made as $16,250 that the husband is responsible for and the wife has the $8750.
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