Michigan Divorce Law – Property Division
Representing the Men of Oakland, Macomb, Wayne, Livingston, Washtenaw, Monroe, Lapeer & St. Clair Counties for Over 30 Years
During a divorce, there are many things you may be concerned about including property division. The attorneys at American Divorce Association for Men have over 30 years of experience and have helped families with their Michigan property division cases.
Thanks to our years of experience, ADAM offers a comprehensive defense for your property and assets during litigation or negotiation of property division. If you need legal assistance with your property division dispute, our team of Michigan property division attorneys can help you fight for what is yours. Depending on the facts of your case, we can also help you identify property that you may not be required to divide with your spouse.
How Marital Property Is Divided in Michigan
Michigan is a dual property state, which means family courts divide property into two kinds: separate and marital.
- Separate Property: Any property you owned before the marriage or any property received by either spouse as an inheritance or gift. Separate property may be awarded to its owner.
- Marital Property: Any property obtained between the date of your marriage and the date of divorce. This type of property is generally subject to equitable division between parties. It’s important to note that “equitable” does not necessarily mean “equal,” but rather “fair.” This means the assets will be divided according to what the court believes is just. However, there is still an opportunity to negotiate to secure your assets, and most cases are settled out of court.
The terms “separate property” and “marital property” can refer to both assets and debts. For example, any debt incurred by either spouse during the course of the marriage could be considered marital property. Marital debts—just like marital assets—are subject to equitable division during divorce proceedings.
Who Decides How Property Is Divided in a Divorce in Michigan?
If you and your spouse can negotiate how to divide your property fairly, the judge will review your agreement to determine and agree if it is. Another option is to divide your property through mediation. Mediation is where a neutral person helps you and your spouse settle your property division issues, and an experienced attorney can also help you with this process. If you and your spouse can’t come up with an agreement, the judge will decide for you.
The judge will consider the following factors when deciding how to divide property:
- Length of your marriage
- Each spouse’s contribution to the marital estate
- Both spouses’ financial needs
- Cause of the divorce
- Earning potential of each party
These are some of the many factors that the judge will consider when making this decision. Ultimately, the judge has the authority to consider any factor deemed relevant to the case when deciding how to equitably divide property.
The Process of Valuing Marital Property
Before the division of property occurs, the court will need to first identify all separate and marital assets. Then, the court will need to calculate the fair market value of each asset. This ensures that the court has the information it needs to equitably divide the assets between the two spouses. The valuation of marital property may seem straightforward, but it often leads to conflict when two spouses do not agree on the value of an asset.
For example, if a business is considered a marital asset, the court may award the business to one spouse and order them to buy out the other spouse’s interest. The spouse who is awarded the business may want to argue for a lower business value so they don’t have to pay the other party as much. But the other party may want to argue for a higher business value so they can get as much money as possible from the buyout.
Our attorneys can assist you during this step of the property division proceedings. We will work with financial experts, accountants, and property appraisers to ensure the valuation of your assets is accurate.
Contact our Michigan Property Division Lawyers Today!
Are you having trouble with your property division in Michigan? it is vital to contact an experienced family law attorney. The attorneys at ADAM have over 30 years of experience helping men in Oakland, Macomb, Wayne, Livingston, Washtenaw, Monroe, Lapeer & St. Clair Counties with their property division cases. We understand how challenging divorces can be, that is why we work tirelessly to ensure that you receive the best possible results for your case.
Don’t hesitate, contact our Michigan property division lawyers today for a free case review at (248) 356-2326!