When a married couple gets divorced, their material assets, financial assets, and debts will be divided between them.

If an asset or debt was acquired during the marriage, it’s generally considered a marital asset or debt, even if it is held solely in one spouse’s name. Some states divide marital assets and debts using the principle of Equitable Distribution (defined as “fair” division), while other states use the principle of Community Property (50/50 division).