List all of your assets and debts, so you and your spouse can fully understand your finances. This process will help determine what a fair split of your assets and debts are.
To move ahead with your uncontested divorce, you and your spouse need to understand what things are yours. In the court, what belongs to you and how that property gets divided depends on several considerations. How you purchased the property, when you received it, and what state it was bought in helps determine who owns what.
You and your spouse will need to understand both your assets and debts. What you have acquired during your marriage is yours. You only have to be concerned with dividing anything you purchased together.
Some examples of who owns what:
- You and your spouse buy a home together, and both of you are on the mortgage and the deed: You own the property together.
- You buy a home using your credit and funds, and add your spouse to the property deed: You own the property together.
- You earn money, and you deposit into a jointly held bank account: It becomes joint property for both you and your spouse.
Debt might be divided differently in certain situations. School debt usually remains with the spouse who acquired it. Suppose the assets are not enough to cover everything. In that case, the debt might be divided between spouses according to their ability to pay.