Michigan Divorce Law Property Division Lawyers in Monroe, Michigan and Downriver, Detroit
When a couple gets a divorce in Michigan, the assets and debts must be divided. The division can be a 50/50 split, but it does not have to. The Court is charged with making an “equitable” division of assets and debts. Equitable usually means a fair distribution based on the circumstances of the parties.
An experienced divorce attorney can ensure that marital property is divided fairly. Get a judgment of divorce that you can deserve.
An experienced asset division attorney can help the Court to decide what is fair. A Michigan divorce law property division lawyer can help you present your case in the best, most favourable light. Please contact the divorce lawyers in Monroe, Michigan at the Bruce Law Firm to answer your questions. Our divorce lawyers can help with your property division in Michigan.
Michigan Divorce Law Property Division in the Courts
One of the decisions the Court has to make is what assets and debts are considered marital property. It also looks at what assets and debts are separate property that needs to be divided in a divorce.
Marital assets are the property that the parties acquired during the marriage. The same is also true for those debts that were acquired while the parties were married. Property or debt that was acquired before the marriage usually will remain separate property.
There are exceptions to these rules. It is essential to consult with an experienced Michigan property division attorney who can guide you through this process.
Marital property is property the parties acquired since the parties were married. It includes property such as real estate, personal property, and financial and retirements accounts. It can also include a business or any property really the parties acquired while they were married. The Court will generally divide the property equally.
Like marital assets, marital debts that were acquired by the parties while married are divided. The division of debts is usually equal.
Separate property is a property that was acquired before the marriage. Separate property usually remains the property of the party that owned it. Separate property can also include inheritance a received by one party after the marriage date. Like marital debt, separate debt also can remain the responsibility of the party that acquired it.
Michigan Divorce Laws: Property Division and an Equitable Distribution
Michigan is considered an equitable distribution state. An equitable distribution state means that the Court attempts to make an equitable division of the marital property and debts. The law states explicitly in pertinent part of MCL 552.401
“The circuit court of this state may include in any decree of divorce or of separate maintenance entered in the circuit court appropriate provisions awarding to a party all or a portion of the property, either real or personal, owned by his or her spouse, as appears to the court to be equitable under all the circumstances of the case, if it appears from the evidence in the case that the party contributed to the acquisition, improvement, or accumulation of the property.”
Although the Court will generally divide property, the Court is not obligated to and can take other factors into account. In Sparks v. Sparks, 440 Mich 141; 485 NW2d 893 (1992), the Supreme Court of Michigan held the following factors in pertinent part. These factors allow a deviation from an equal distribution of marital property.
(1) the duration of the marriage
(2) the contributions of the parties to the marital estate
(3) the age of the parties
(4) the health of the parties
(5) the life status of the parties
(6) the necessities and circumstances of the parties
(7) earning abilities of the parties
(8) the past relations and conduct of the parties
(9) and lastly general principles of equity as they apply to the parties.
A Michigan divorce laws property division lawyer will present evidence on these factors when arguing a marital property division case.
Contact a Michigan Divorce Law Property Division Attorney Today
A Bruce Law Firm, Michigan Divorce Law Property Division lawyer, can assist you with divorce valuation issues. This can include what is and what our not marital property. It can involve the valuation of retirement assets. Our property division lawyers can work to minimize tax consequences in your divorce settlement.
There is no reason to give up everything you have earned in a divorce. The Bruce Law Firm is experienced and ready to assist you in ensuring your divorce case’s fair settlement. Contact our office today for a free consultation.