Dividing Property In A Michigan Divorce
Major issues in many divorces include property and finances. During divorce, especially if you were in a long marriage or if you have many shared assets, the last thing you want is uncertainty about who walks away with what property. Unlike in other states, Michigan splits assets based on a principle called “equitable distribution.” This means that property is distributed fairly, considering numerous factors such as the health, age, income and conduct of the parties during the marriage.
For some families, the difference is minor. But, for families with complicated assets or who have financial instability, the impact of equitable distribution changes their situation drastically. The Law Firm of Hauer & Snover takes a complete picture of your finances to determine what is and is not divisible property and stands up for your rights to a fair distribution.
Do You Know Which Of Your Assets Are Subject To Division?
In general, Michigan law classifies marital property as property acquired after the date of a marriage. This means that property like a jointly owned home, your retirement savings, investments and other complicated assets like pensions may be subject to division. To add further complication, some property you initially have outside of your marriage may be, over time, reclassified as marital property.
Some key points you will need to consider when dividing property include:
- Your family’s investments and if those investments are in your name, your spouse’s name or both
- Do you and your spouse have independent accounts and are all of those accounts disclosed
- Is there property you have inherited or that you owned prior to marriage
Our firm works to ensure your success during property division. We achieve this by identifying your entire marital estate and properly assessing property value. We employ forensic accountants, appraisers and other specialists to help us in our representation of our clients. We also consult with business valuation experts to ensure that all assets held by businesses are properly considered. This ensures that the values are accurate and that all property is accounted for during divorce proceedings.