Sterling Heights Property Division Lawyers Fighting For What is Yours
A number of issues need to be resolved during a divorce, including the division of property. Determining who gets what in a divorce is a complex process, which is why you shouldn’t attempt to reach an agreement without an experienced property division attorney by your side.
The attorneys at American Divorce Association for Men (ADAM) will aggressively fight for what is yours. If you are getting divorced, let us protect your best interests during the property division stage of the proceedings. Call 248-356-2326 now to discuss your case during a free phone consultation with our team.
Marital Property vs. Separate Property: What’s the Difference?
The first step in the process of dividing property is identifying all marital and separate properties.
In Michigan, marital property is any type of asset or debt that was acquired while the couple was married. Even if only one spouse’s name is on the property or debt, it is considered a marital property if it was acquired during the course of the marriage.
Separate property is any type of property or debt that either spouse owned prior to the marriage. Inheritances and gifts acquired by either spouse before or during the marriage are also considered separate properties.
How isProperty Divided in Sterling Heights?
Marital properties and debts are subject to what is called “equitable division,” which is not the same as equal division. Equitable division means the marital properties and debts must be fairly divided between the two spouses. In some cases, an unequal division of marital properties and debts may be considered fair.
However, separate properties and debts typically stay with the spouse who owns it. For example, if you purchased an investment rental property prior to your marriage, this would most likely stay with you after your divorce.
Separate properties can be divided between the spouses under certain circumstances, including:
- The other spouse financially contributed to improving or growing the asset.
- The other spouse’s share of the marital properties is not enough to meet their financial needs.
- The separate property was combined with marital property in some way. For instance, if you transfer money that was given to you as a gift into a joint bank account, it may become marital property.
Who Gets to Decide How Property is Divided During A Divorce?
You will have an opportunity to work with your spouse to reach a property settlement agreement on your own. If both parties are willing to work together and compromise, it may be possible to reach an agreement quickly and without the court’s help. The court will still need to review the agreement, but as long as both parties are on board, it will most likely be approved.
But if either party is making unreasonable demands or unwilling to cooperate, an agreement may not be reached outside of the courtroom. In these cases, the judge must step in and decide how to divide property on behalf of the couple.
Do not try to negotiate the terms of a property settlement agreement without an attorney. The outcome of your property division case will have a significant impact on your future and your finances. There is far too much at stake to try to handle your case on your own.
What Factors Will the Judge Consider When Determining How to Divide Property?
If you are unable to reach a property settlement agreement with your spouse, the judge will get to decide how to divide properties and debts. The judge will consider a number of factors when making this decision, including:
- The length of your marriage
- How each spouse contributed to the marital estate
- The financial needs of each spouse
- Each party’s current income and earning capacity
- Whether or not one party was at fault for the divorce
These are some of the many factors the judge may take into consideration. The law allows the judge to consider any factor that they believe is relevant to this decision.
Schedule A Free Phone Consultation With Our Property Division Attorneys Today
Are you ending your marriage? If so, seek legal representation from the skilled property division lawyers at ADAM. Our team has over three decades of experience helping men in Sterling Heights fight to reach favorable property settlement agreements. Let us work tirelessly to reach the best possible outcome in your case.
To schedule a free phone consultation, call 248-356-2326 or fill out the form on this website.