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Farmington Hills divorce attorney asset division

When a couple is getting divorced, property division is often the most contentious and time-consuming aspect of the process. It can feel insurmountable to have to divide every asset you and your soon-to-be ex-spouse have between you. However, there is one other thing that must be divided upon the occasion of divorce: the debt that both of you hold. Both must be divided equitably in Michigan.

Dividing Assets

There are several factors that a Michigan judge will consider when determining how assets are divided, but equity is the prevailing focus. Many people confuse equity and equality; equity is a legal term meaning fairness in all respects, while equality is more of a colloquial concept. A judge will weigh a list of factors and determine the fairness of the proposed distribution. Some of these factors include:

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Oakland County parenting time attorney

Divorce can be messy, even in the best of circumstances. Emotions run high, and you and your spouse may get caught up in getting even with one another rather than what is best for everyone involved. If you have children together, it is imperative that you consider their interests when making decisions. Thankfully, there are steps that you can take to ease the transition. 

1. Reassure the Kids

Children do not always cope well with divorce, but it is often because they fear what might happen. Their worries can vary, but the solution is usually the same. All they really need is consistency and reassurance. They need to know that both of their parents will be there for them as life changes and that they are not at fault for the dissolution of your marriage. 

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MI divorce lawyersWhen most couples are married, their finances and their assets become intertwined, which typically can make things easier - unless you get divorced. When you get divorced, everything must be separated again, which can make for a confusing process. You and your spouse might own things together, like a home, other real estate, cars, furniture, and other household items. The things that you and your spouse jointly own is called marital property. Usually, if you own things like real estate or a car, you typically have debt, too. Any debt that you have together, like a mortgage, credit card debt or auto loans must also be considered when you divorce. Like marital property, marital debt must be divided. In Michigan, marital property is divided equitably, which does not always mean equally. Here are some suggestions on how to divide certain assets during your Michigan divorce:

The Family Home

The easiest way to deal with your home when you are getting a divorce is to sell it and then split the proceeds. This only works, however, if you have equity in your home. If you do not have equity in your home, you might have to sell your home at a loss and then determine who will be responsible for paying the rest of the mortgage. If one of you wants to keep the home, then you can pay the other spouse what their half of the home is worth. Either way, the first thing you should do is determine what your house is currently worth and go from there.

Your Furniture and/or Household Items

Dividing your furniture and other things that you have in your house can be easy or it can be difficult; it is up to you and your spouse. First, you should make a list of everything that you own that is up for grabs. Make note of the items that you want to keep and the items that you could do without. These can be used as bargaining chips when it comes time to negotiate.

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Oakland County Bar Association State Bar of Michigan Collaborative Practice Institute of Michigan WCCDBA Woman Lawyers Association of Michigan
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