The end of a marriage may be one of the toughest life events an individual will ever have to face. There are various aspects of the process that can be stressful and challenging, such as the division of property and assets. For couples in Michigan who are of considerable wealth, property distribution can often become a highly contested topic. Since this particular area can have a significant impact on future finances, seeking assistance in covering every aspect involved may be advisable.
There are several factors to consider during this period, each of which may affect the outcome of a similar situation. If a couple has a prenuptial or post-nuptial agreement in place, it may determine how property and assets are divided, provided it was properly executed. However, there may be additional assets that are not listed in the agreement, and having knowledge of these assets and how they will be divided will be beneficial for the road ahead.
Perhaps a couple doesn’t have a similar agreement in place. Before entering negotiations, a person may find it extremely helpful to identify and obtain the value of every asset involved. Having full knowledge of assets and their worth may place a person in a better position entering negotiations. It may also be important to uncover any hidden assets before the process begins.
In equitable distribution states, such as Michigan, the division of assets does not have to be equal, but it must be fair. An individual who possesses a considerable amount of property and assets may choose to speak with an attorney with experience in high-asset divorces for advice on the process of property distribution. A family law attorney can advise an individual on how to pursue an equitable portion during divorce proceedings.
Source: The Huffington Post, “A Few Questions to Consider in Divorce Property Division Situations“, Brad Reid, Accessed on April 11, 2017