Impending Michigan exes engaged in the divorce process run a broad and varied gamut of concerns.
For many of them, negotiation focuses centrally on property.
To wit: What are all the sources of marital wealth? How can assets be fully identified, accurately valued and ultimately divided in a final divorce decree?
It is often the case that dealing in a fair and effective way with property in a divorce is an easier-said-than-done proposition.
Those inclined to think otherwise might consider this: American states are far from unanimity in the way that their courts oversee and manage divorce-tied asset distribution. In fact, there are two distinct legal models nationally for dividing marital wealth.
The community property model: a minority take
There are nine U.S. community property states spanning the country. Divorce asset division presumes that marital property comprises “all of the property acquired by either or both spouses during marriage.” That property generally undergoes an equal down-the-middle (50/50) split in divorce.
The majority – and Michigan – take: equitable distribution
The asset-division scheme in Michigan and a clear majority of other states stresses overall fairness rather than a precisely equal property distribution outcome.
The details of that most common approach are set forth in a Michigan legal overview of the equitable division model. That source underscores the emphasis on fairness arrived at from “considering numerous factors such as the health, age, income and conduct of the parties during marriage.”
Questions and concerns regarding Michigan divorce property distribution commonly arise during the dissolution process. They can be candidly and knowledgeably addressed by an experienced family law legal team.
