This question comes up often: "What happens to our debt when we separate? Who gets what?"
Put simply, debts are separated into two categories: personal debts and relationship debts. Personal debts are the responsibility of the person who incurred them.
Relationship debts usually fall into one of the following categories:
Joint debts
Common enterprise (or joint business) debts
Debts incurred to acquire, improve, maintain or repair relationship property
Debts incurred for the benefit of both parties in managing the household
Debts incurred for bringing up children of the relationship.
The value of the relationship property that is available to be divided is the total value of the relationship property MINUS the relationship debts.