Dividing the goods. How does it work?

[Kansan]

After 20 years we are looking at getting a divorce and I need information on how assets get divided.

We both have kids who are grown and living on their own elsewhere. We are buying a house and only have $7,500 left to pay. We have a new truck with some $20,000 still owed, and lots of bills. Even if we were to sell off all our assets, we would still owe more than we own.

My question is how does that work? The wifes plan is to sell the house and split the money, but it would not be enough to pay off what we owe on the other things. Do the debts get split equally as well as the assets, or can I get stuck with all the debt we both accumulated over the years?

I offered to give her half of the value of the house, so I can continue to live there, but when she found out she might still need to pay her share of whats owed on the house, she now thinks selling it and splitting the money would be better. She seems to think she will leave with a pocket full of money.

Advice/suggestions?

 

[dee_dub]

It's impossible to say what the outcome might be on the information above - that depends on how much income you made during the marriage, how much she made, what the assets and debts are for and who incurred them, etc. All other things being equal, a divorce is not supposed to be a windfall to either spouse and neither should profit at the other's expense. The debts should be equally split as the assets. You should both get lawyers, or, if you think you can do it amicably, look into family mediation or collaborative law (should that be an option in your jurisdiction).