Preparing to Divide a Michigan Marital Estate

 Posted on January 19, 2023 in Divorce

If you and your spouse have decided to dissolve your marriage, you are currently facing a number of mental, emotional, social, practical, financial, and legal challenges. It is important to understand your rights as a divorcing spouse, as this context can help to ensure that you make informed decisions throughout your divorce process.

For example, in Michigan, you are entitled to an asset division settlement that is “equitable.” Equitable does not necessarily mean equal. In equal distribution states, the value of a couple’s marital property must be divided 50/50. In Michigan, the value of a couple’s marital estate may be divided in any way that is truly fair. As a result, it is important to clarify what fairness means within the context of your unique marital circumstances.

Equitable Distribution

In Michigan, property acquired during a couple’s marriage is generally treated as marital property. By contrast, separate property belongs to one spouse only, either because they owned the property prior to marriage or because some exception to the general classification of marital property applies. All of the assets and liabilities that make up a couple’s jointly-owned assets and debts are considered elements of their overall marital estate.

When preparing to divide your marital estate, carefully consider whether there are any circumstances that would make it truly fair for the court to award you a greater share of an asset’s value or a lesser share of a jointly-owned debt. Discussing these observations with your attorney will help to clarify your strategy moving forward.

Clarifying Your Priorities

Once you have a strong sense of what a fair distribution of the value of your marital assets looks like, you can clarify which assets are worth “fighting” for and which are not. Whether your divorce process is likely to remain amicable or a judge will be called upon to rule in favor of arguments advanced by you or your spouse, clarifying your priorities is important. Few individuals walk away from a divorce scenario with everything they want in hand. By determining which assets are most important to you, you can focus your approach and be better positioned to walk away with what matters most.  

Contact an Oakland County Divorce Lawyer for Assistance

The reputable team of Farmington Hills, MI asset division lawyers at Elkouri Heath, PLC has extensive experience assisting individuals with straightforward, complex, and unusually challenging asset division scenarios. We can provide you with personalized legal guidance regardless of the nature of your divorce-related circumstances. You can schedule a pressure-free, no-cost case evaluation by submitting a contact form on our website or by calling us at 248-344-9700. We look forward to assisting you. 

Source:

http://www.legislature.mi.gov/(S(loa5akz2toypx5pqqa4bwtue))/mileg.aspx?page=getObject&objectName=mcl-552-401