Many couples accumulate a great deal of property and assets throughout the course of marriage. At the time, the sheer amount of property owned by a couple may go unnoticed. However, if a couple decides to part ways, they will likely have to take inventory of every asset that will be involved in the process of property distribution. Although this process can be overwhelming, it may also be crucial to the outcome of a divorce, especially in equitable distribution states, like Michigan.
Concerning the division of property, assets fall under one of two categories, marital and separate. Marital property includes any assets that are acquired throughout marriage. This also includes debts as well. All assets that are deemed marital property will be subject to division during divorce proceedings.