Question: Can we decide ourselves how to divide out property?
Absolutely. In fact, the court system encourages divorcing couples to decide themselves how property gets divided.
Since both parties in a marriage are adults, they are free to agree to any type of division of their assets and debts. You are free to agree to what the judge might think is a great deal or a terrible deal. The judge will not second guess your agreement so long as the agreement was made in the absence of fraud, duress or coercion.