Many couples share numerous joint assets that they have purchased together, like homes or cars. They also have financial assets, such as their wages, which may have been deposited in a shared bank account or invested in a shared portfolio. They have to split up these assets if they decide to get divorced.
At the same time, though, it is important for them to remember that they need to divide their debts. Many of these debts are also shared obligations. A couple may have opened a joint credit card account, for instance. They are both responsible for the charges on that account, regardless of which card was used or who made a specific purchase.
They have to determine how to divide the credit card account as they get divorced. They will likely either need to split up the debt or pay off that debt, close the account and open their own individual credit card accounts.
Splitting up student loans
For young couples, one common type of debt they have to address is their student loans. How these are handled depends on when the loans were taken out and who signed the paperwork.
Generally speaking, people are still responsible for loans that they took out in their own name, prior to the marriage. But if they took out the loans after they were already married, and/or if their spouse was a cosigner, then both people may be responsible. These would have to be addressed as shared financial obligations, just like joint credit card accounts.
If you are getting divorced, dividing debts and assets can be complicated, and it may be helpful to work with an experienced attorney.