How are property and debt distributed between the parties in a divorce case?

Each party is generally assigned his or her non-marital property. The marital estate and marital obligations (debt incurred during the marriage, except for dissipation purposes) is to be equitably distributed between the parties, without regard to marital misconduct, considering the following factors:

  1. the contribution of each party to the acquisition, preservation, or increase or decrease in value of the marital or non-marital property, including the contribution of a spouse as a homemaker or to the family unit
  2. the dissipation by each party of the marital or non-marital property
  3. the value of the property assigned to each spouse
  4. the duration of the marriage
  5. the relevant economic circumstances of each spouse when the division of property is to become effective, including the desirability of awarding the family home, or the right to live therein for reasonable periods, to the spouse having custody of the children
  6. any obligations and rights arising from a prior marriage of either party
  7. any antenuptial agreement of the parties
  8. the age, health, station, occupation, amount and sources of income, vocational skills, employability, estate, liabilities, and needs of each of the parties
  9. the custodial provisions for any children
  10. whether the apportionment is in lieu of or in addition to maintenance
  11. the reasonable opportunity of each spouse for future acquisition of capital assets and income; and
  12. the tax consequences of the property division upon the respective economic circumstances of the parties.