A common myth exists that each asset and each debt is divided in half. In actuality, when property and debts are divided the marital estate as a whole is examined first, rather than dividing each individual piece of property and each debt.
This is like filling out a Financial Statement for a bank loan. You list everything you own and how much it is worth and then you list all of your debts and how much is owed. The difference between these two numbers is the net marital estate. Then each piece of property and each debt is assigned to one of the parties to try to make sure each gets approximately the same amount of the net marital estate.