The Court can divide all assets purchased during a marriage, including houses, cars, bank accounts, jewelry and stocks/investment accounts. Unless it was received as a gift or inheritance, it does not matter whether the title is in one or both spouses’ names. The Court will consider any debt associated with specific property, like mortgages, car loans and credit card debts, but except for specific circumstances, the Court will not order either spouse to pay a specific debt. The outcome is usually to sell the property in dispute and use the funds to pay the debt.
Property division is complex and it is important to consult with an attorney who can fully explain your options. You do not want to discover other property or debts after the divorce is final, and you want to know exactly what property is held in your name, your spouse’s name or in joint names (including with any third party.)