Hi Card - all states are different of course - but in my state I can tell you they add up all the assets and all the debts and then split them 50/50. So lets say your only assets are your cars for the sake of argument. You would have 42,000 worth of assets and 9,000 worth of debt. You would each get $21,000 of assets and $4,500 of debt. She would owe you $5,000 for the car and also be responsible for the $4500 worth of debt.
Of course most people have other assets and all of that gets taken into account when you decide how to split things - so you might get more of the savings account while she gets the car, etc.
And all of this assumes these assets were community property acquired during the marriage.
