Assisting Clients With Divorce And Property Division
The decision to get a divorce is never easy on an individual, nor is it simple; however, that does not mean that the process must be stressful and difficult to complete. There are processes and systems in place to help assist in the divorce process. Typically, one of the most litigated issues in a divorce is the division of marital assets and debts.
What Is Considered Marital Property in Michigan?
The property you and your partner own with each other is called marital property.
Marital property may be:
- dwellings
- vehicles
- home furnishings
- jewelry
- art
- and more
Joint debt is also considered by the courts. Joint debt may be:
- home loans
- financial loans for vehicles
- credit-card debt
- personal loans
How Does Michigan Divide Marital Property & Debts?
Michigan law demands a fair property division. Fair typically indicates that each individual person gets around half of everything. In some cases, if an agreement cannot be reached, it may be up to a judge to determine what is fair and divide marital property accordingly.
Depending on the case, the marital property may be split in favor of one party, that is if one individual is even more at fault for the relationship ending or if one individual requires additional assets to maintain their lifestyle. When dividing marital property, we consider our clients wishes first and foremost.
As long as both parties are agreeable to a particular division of property, a judge will approve it so long as it is reasonable. For example, if both individuals have 401ks that are of similar value, rather than split each 401k, both parties can agree to keep their own retirement accounts.
For personalized information on how our attorneys can help you during your property division case, call us at 888-473-1289 or fill out our online form. From our office in Lansing, we represent clients in family law matters.