The equity in the marital home is often one of the largest assets owned by the parties when there is a division of assets and debts. How this is treated can be complicated.
In every divorce there is going to be a financial settlement that must be approved by the court. Even if the parties agree that each will take what they own and agree not to have either pay the other anything, that is still a financial settlement. In order to approve a settlement the court must find that there has been adequate financial disclosure of the parties' assets, debts and income.
The marriage is over and you must go your separate ways. How do you fairly and equitably divide up the assets and debts that the two of you have accumulated over the years? Who pays what debts?