DIVORCE SETTLEMENT

Going through divorce, trying to divide things up fairly. In dividing, is it basically her assets and debt against my assets and debt? Is it what I owe on the house or just the equity in the house? The same with the cars? We have no other outstanding debt. She receives royalty money she has earned from book writings the past 5 years, I assume they are assets. We are dividing savings money 50/50.

Thank You

Normally, all debts and assets between the two are divided equally. In some cases, any assets or debts that existed prior to the marriage belongs to that person. In some cases a debt, such as a credit card that is in one persons name and the other did not sign for it can be fought and would be considered that persons debt.

As for the house. If one of you is wanting to keep the house the other would pay 1/2 of the difference between appraisal and what is actually owed on the house. If the house is going to be sold, then you would 1/2 the remaining money after the mortage is paid.

Normally, all debts and assets between the two are divided equally. In some cases, any assets or debts that existed prior to the marriage belongs to that person. In some cases a debt, such as a credit card that is in one persons name and the other did not sign for it can be fought and would be considered that persons debt.

As for the house. If one of you is wanting to keep the house the other would pay 1/2 of the difference between appraisal and what is actually owed on the house. If the house is going to be sold, then you would 1/2 the remaining money after the mortage is paid.