What is divided in a divorce?
All Property and Debts are divided in a divorce. This means that it is important to list everything with proper identification as to legal descriptions, license numbers, account references, etc. Assets can include real property (i.e. bare land, homes and commercial real estate), vehicles and boats, financial accounts, investments, business interests, time shares, retirement accounts, life insurance policies, lawsuit settlements, trusts, accounts receivable, etc. Debts are also divided in a divorce but you need to understand that all the agreement and the Divorce Judgment does is state which, between the spouses, has the primary obligation to pay a debt. Unless the spouses agree on what and how things will be divided, the judge, at trial, will divide all of the property and debt. Remember that the creditor is unaffected by a settlement or Judgment. For example, if you agree that your spouse pays a joint credit card debt and they do not pay, the creditor can sue you despite what the lega
