Property Division

Property Division

In the event of a divorce, assets accumulated during the marriage will be subject to division once the union is terminated. This process, known as property division, involves determining which assets each spouse will receive after a divorce. There are several factors that influence how property is divided in Michigan, making legal support essential to ensuring your best interests are protected.

At Aiello & Associates, our attorneys provide clarity when you need it the most. If you are going through a divorce, trust our team to guide you through every step of the property division process.

Understanding Property Division in Michigan

In the state of Michigan, property is divided according to the equitable distribution rule. This guideline does not mean that assets will be divided as a 50/50 split, but instead, it strives for a fair division. The process involves a comprehensive examination of your assets and debts, and several factors are taken into consideration. These include the length of the marriage, contributions to the marital estate, necessity or circumstances of each party, earning ability, and needs of the parties and their children.

Separate Property vs Marital Property

Understanding the difference between “separate property” and “marital property” is crucial when discussing asset division. Separate property typically includes assets owned before the marriage, gifts, inheritances, and assets received after separation or filing. Marital property, on the other hand, begins at the wedding and continues until the judgment of divorce, regardless of when the parties cohabited or separated.

In Michigan divorce cases, separate property is usually awarded to the individual party unless the non-owner spouse can demonstrate their contribution to its acquisition, improvement, or accumulation. It’s also possible for the court to divide separate property if the marital property is insufficient for suitable support.

Marital property division can be more complex due to the fluctuating nature of property value. A number of factors are taken into account, including the length of the marriage, needs of the parties and children, earning power, source of the property, contributions towards property acquisitions, and cause of the divorce.

Determining the Value of Property

Placing a value on each piece of property is a critical step in the equitable division process. Determining the value of complex or rare assets like business interests, antiques, collectibles, and certain real estate may require additional assistance. The tax consequences of real and personal property are also considered, as well as marital debts, which are considered negative assets.

We Are Your Legal Advocates

At Aiello & Associates, we pursue every available legal option to achieve the best possible outcome for our clients. With a track record in tackling even the toughest legal challenges, our team adjusts our approach to meet your specific needs. No matter how complex your situation may seem, we bring determination, skill, and commitment to your case.

If you’re facing a dispute over property division, seeking the help of an experienced and aggressive lawyer is crucial, since the decisions you make now can affect you for the rest of your life. Contact our firm today to schedule an initial consultation.