A key component in dissolution is dividing and distributing the spouses’ property. Ideally, courts prefer that spouses reach an agreement between themselves. They have broad discretion to determine how to divide assets and debts if they do so in a written, stipulated agreement. The division need not be equal. But in many cases, spouses can’t agree. It then falls to courts to divide assets and debts. Let’s take a closer look at how that works.

 I. The Basics

Two key rules form the...