Does everything get divided 50-50?
Generally, all property brought into and/or acquired during the marriage, regardless of how titled, is subject to division upon divorce. This includes assets such as pension plans, retirement accounts, vehicles, and real estate. Property acquired by gift or inheritance is generally not subject to division.
The court presumes that divisible property is to be divided equally between the parties, but can deviate from an equal division of property after considering factors such as the length of the marriage; property brought to the marriage by each party; and the tax consequences to each party.
The debts of the parties will also be allocated between the parties, but the divorce judgment assigning a debt is not binding on third-party creditors. If the parties are able, they may be required to refinance the debts allocated to them after the divorce.