When it comes to divorce, there are several important decisions that you will need to make as you prepare for the next chapter of your life. Determining how your assets and property will be divided can be a complicated and overwhelming process. Several issues and disputes may arise along the way. Our firm is committed to helping you assess your marital property and your separate property to ensure that you receive the support you need in order to walk away from your marriage with what you legally deserve.
The state of Michigan classifies property as marital or separate to distinguish how such assets will be divided during a divorce. Typically, marital property will be divided between the divorcing spouses, but each spouse will retain their Separate Property equally. Marital property is defined as any assets that were amassed or acquired over the course of the marriage, such as homes, furniture, vehicles, retirement accounts, and other shared assets. Separate property refers to those assets that were held by an individual before they entered into marriage or any gifts they received at any time over the course of the marriage. Before you can begin dividing up your property, you’ll first need to determine which assets are marital property and which ones are separate property.
There are several steps to dividing up a couple’s marital property. The value of each asset must be determined, which may require you to work with a real estate or business appraiser. Determining the value of a retirement account or other pension plan can also be challenging. As you and your spouse (and, ultimately, the Judge) determine how your property will be divided, several factors will be taken into consideration, including, but not limited to, the following:
Your shared marital debts will also need to be divided equally, such as the outstanding balance of your home mortgage, your joint credit card bills, auto loans, and more). Typically, individual debts that you acquired before marriage, such as student loans, will not be subject to division.
The process of assessing and dividing your marital property can be difficult, which is why we are here to help you negotiate a fair outcome. We work with throughout the process, making sure that you get what you deserve. Whatever your goals and concerns may be, we will make your desired outcome our top priority so that you can move forward feeling good about the future.