Understanding Property Division in Michigan
Spouses may own property together like a house, car and furniture. This is called marital property. They may also have joint debt like a mortgage, car loan, credit card debt or other loans. This is called martial debt.
The divorcing couple may want to sit down together and list all of their property and debts, as well as how they plan to divide them. A judge will need to review the agreement to ensure it is fair to each party.
When separating spouses can’t agree
If the spouses cannot agree on how to divide the property, the judge will divide the property for them. The judge may review the length of the marriage, each party’s financial needs, earning capacity and other factors. Usually, each party will receive about half of the marital property and debt but it is dependent on their individual circumstances.
Divorcing spouses who have separate property usually keep it individually in a divorce. Separate property may include items one spouse owns before the marriage or an inheritance he or she receives during the marriage. However, if separate property is put in a joint bank account or otherwise used for marital purposes, it may become marital property.
An experienced attorney can help divorcing spouses with property division questions to ensure their assets are protected, as well as provide representation for other divorce matters.
Connect with Us!
How child custody is determined is important for divorcing parents to understand. Knowing how child custody is determined can help parents anticipate the process so they can work to develop a child custody arrangement that is best for their child. Child custody is based on a determination of . . .
The way that your marital assets are divided in your divorce can set the stage for your financial wellbeing for years, perhaps even decades, to come. With that in mind . . .
Generally speaking, divorced parents in Michigan are allowed to take an active role in their children’s lives. Noncustodial parents are typically required to provide financially for their sons or daughters regardless of how much time they actually spend with them. A custody or visitation . . .