The debts will be split up and there will be no joint debts after the divorce. Open accounts usually are closed and re-issued to the person responsible for the debt. That will be one of you - not both. Any cash or disposable assets you have you can kiss goodbye. They will be liquidated to pay as much debt as possible. Outstanding debt responsibility is 50/50. Only regular joint debts will be the house and the terms of that as far as equity and value will be determined and one party will owe the other their portion. Each party is entitled to 50% including contents. The retaining party will have a set time to pay the other unless you/they agree to different and the judge accepts it. House sold when kids 18 and proceeds split is one option. If that is done morgage cost and insurance and all that will be figured into a support settlement.
Rent/mortgage isn't singled out as a CS expense. Pump in the incomes, child care expenses, and out pops a figure from the CS calculator. In that calculation is a figured percentage/calculated amount that is considered to be for shelter expences. If CS plus mortgage plus debt responsibility plus SS is more than the intake than tough choices will have to be made. Usually it means selling the house and downsizing.
The older children have no bearing on CS. Whatever you give them is a gift and not considered an expense or used in any support calculation.
Don't volunteer lifetime alimony - make a judge order it. Lifetime alimony is becoming less common.
Do you have a retirement plan ? She's entitled to half of the current value. Your entitled to half hers also - if she has any. This area can and usually is a negotiation area. You take on more of the debt in return for keeping your retirement instead of cashing half of it out and giving it to her. If you've got any stocks or securities accumilated during the marriage half are hers.
Even if your making $ 200 G, expect to be pretty poor/cash strapped until at least the youngest hits 18.
P.S. - keep an eye on your credit accounts. Anything she charges your responsible for half until the signed agreement. If she decides she needs a new convertible, you will likely be responsible for half of it. If possible, put a freeze on as many accounts as possible. Close whatever you can. Open new accounts with just one of you on it.
