credit card debt

[momof 3C's]

Hope someone can help answer this question. My mediator did up the memorendum and on the financial worksheet put my credit card debt on my side only. I thought debt was shared even if it is only in one name. Is is credit card debt shared? Have been married 17 years and separated almost one year. Also the back taxes are on the financial worksheet not on the house worksheet, dropping the payout he owes by $5000 money I needed to by a car for the kids and I since he is taking the van. I am fighting to keep the house for the children.

[Mess]

You should have two, and possibly three calculations. One is your debt and assets, two is his debt and assets, and possible three is joint debt and assets.

Your debt stays on your balance sheet and is subtracted from your personal assets. If you have more debt than assets, then the balance is 0, not a negative. You don't share personal debt, generally speaking, but if you have net assets then it is equalized.

The house is joint asset, and the back taxes on the house should go on the house worksheet, or at least a separate worksheet for joint liability (as though you had a joint line of credit, etc). Ask the mediator why this was done, and insist it go against the house, not you. This may have been a genuine error, since you are taking the house, but the liability should be joint family debt.

Equalization is about mathematics, it's not about whether you need the house or need a car. You won't win any argument based on that. Use the equalization process as a starting place and then use the mediation process to find a middle ground to provide for the children's needs.