In the asset division process, it is important to identify what portion of the couple’s shared debt each party is responsible for. In some cases, it could be 50-50 between the two spouses, but there may be a disproportionate allocation of debt. This must be taken into account before the property is divided and numeric values are assigned to the debt.
There are different ways that ex-spouses could agree to pay off shared debt after their marriage. Often, debts like mortgages can be paid off by the sale of their shared property, or the payments will be divided equally or proportionally. In the case of credit card debt, the parties may agree to a certain arrangement to meet monthly payments, but they agree that one party will assume that debt, and that wouldn’t affect the property distribution. The ultimate distribution depends on the specific circumstances that are being analyzed and agreed upon.