How do we divide property that are under both our names?

Congratulations on working out the issues of your separation for yourselves. It's rather unlikely that the lenders on your vehicles and on your house will release one of you from the obligation for the debt, but it won't cost you anything to ask. More likely, you will have to refinance each of the debts into your own name. With the vehicles, there are a number of lenders that will refinance car loans, even if your own original lender will not. You can find them by doing an internet search. With the house, you can certainly ask your lender, but more likely whoever is getting the house will have to refinance the loan. If that is not possible for insufficient income reasons, then you may be able to enter into an agreement with each other as part of your divorce, that whoever is getting the house as a certain period of time (e.g. a year, two years, etc.) to refinance the house, otherwise it has to sold, and if they fail to make the payments on time, then it also has to be sold, with the net proceeds to be divided between you however you deem appropriate.

You will need to contact the lenders for approval and the lenders will guide you through the necessary paperwork. I would recommend that the two of you get a Marital Settlement Agreement so all is clear and in writing. Good luck.

Impossible to answer without reviewing the loan documents. Majority of mortgage companies will not remove a responsible party, solution is re refinance into one name. Car loans, some financing companies will allow, really depends on the company.

Each party gets a car and is responsible for making the payments on that car, and holds the other harmless and indemnifies the other regarding the indebtedness. The bank or banks will not let one party out of a car loan. It just isn't done that way. The best thing to do is have one of you hire an attorney to draft all the documents for your divorce, on an uncontested basis.