Entering the divorce proceedings can be a challenging journey. One of the most important and often contentious aspects of a divorce is the division of assets. Understanding how property is divided in Michigan is crucial to your case’s outcome. At Aiello & Associates, we provide the insight you need to progress through your case confidently. Let our attorneys represent your best interests throughout your divorce.
Michigan follows the principle of equitable distribution in divorce cases. This does not necessarily mean equal, but rather what is deemed fair by the court. Each spouse’s contributions to the marital property, their individual needs and circumstances, their life status, and their earning potential are all factors that come into play.
The law mandates that every judgment of divorce must contain provisions dividing real and personal property. Real property encompasses items like the marital home, other real estate properties, vacation homes, and investment properties. Personal property includes accounts, vehicles, tools, antiques, collectibles, and any other movable property.
The first step in asset division is identifying the marital estate. This involves documenting everything that you and your spouse have acquired during the marriage. Even items owned individually before the marriage or those received through inheritance or gift may be considered part of the marital estate.
In Michigan, the marital estate is subject to equitable division. While this often means equal division, it’s not always the case. Sometimes, an asset deemed as separate property can be considered part of the marital estate, subject to division. This happens when the non-owner spouse has contributed to the “acquisition, improvement, or accumulation” of the asset, or when the non-owning spouse needs support and the marital estate assets are insufficient to provide for this.
When it comes to complex assets such as real estate, retirement accounts or business interests, the division becomes more intricate. For instance, if real estate property is held as part of a partnership or shares of a corporation, it may still be considered in the final judgment.
Similarly, retirement accounts present their own challenges. The division of these funds could have significant tax implications and may require a Qualified Domestic Relations Order (QDRO).
With the complexities involved in asset division, having an aggressive and experienced attorney at your side is invaluable. An accomplished attorney brings to the table a deep understanding of the law, the ability to navigate complex legal challenges, and the tenacity to ensure that your interests are fiercely defended.
At Aiello & Associates, we stand ready to guide you through the complex process of asset division. We understand that every case is different, and we tailor our approach to meet your specific needs.
Dividing assets in a Michigan divorce involves a careful analysis of numerous factors. It requires an understanding of not just the law but the intricacies involved in the valuation and division of complex assets. An experienced attorney can provide invaluable assistance in navigating this challenging process.
If you are facing a divorce and need help understanding how assets will be divided, don’t hesitate to contact us for a free initial consultation. At Aiello & Associates, we are committed to providing exceptional legal counsel to help secure favorable outcomes for our clients.
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A special thanks to you for your help with my case. The results were great and I appreciate your candor and honesty. I am very pleased with the outcome and...
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