Elkouri Heath, PLC

248-344-9700

39555 Orchard Hill Place, Suite 215, Novi, MI 48375

Subscribe to this list via RSS Blog posts tagged in real estate property

How Is Real Estate Property Divided in a Michigan Divorce?No one really enters into a marriage thinking they are going to get divorced. Sadly, many couples do end their legal unions for various reasons. In some cases, an extramarital affair or an addiction problem may have caused the relationship to sour. Once a couple decides to part ways, they will have to make many decisions, including how to divide their assets and property. The division of real estate properties can be one of the most contested aspects of a divorce. Spouses often argue over who gets to stay in the marital home or who can keep the lake house. Under Michigan law, a judge is required to distribute marital property fairly. This typically means that each spouse receives approximately half of everything. However, the property may be divided unequally if one party is considered to be more responsible for the marriage ending or if one party proves a significant need for more assets. 

Separate Versus Marital Property

If either spouse owns his or her own property prior to the marriage, it is classified as separate property. In addition, gifts or any type of inheritance received during the marriage are referred to as separate property. If a spouse owns separate property such as another home, jewelry, or artwork and it appreciates in value on its own, the increase in value is still separate.

The majority of assets or property that spouses accumulated throughout their marriage is marital property. Regardless of whose name is on a title or deed, it is still marital property unless it was given to or inherited by one spouse. Marital property means that it is owned by both spouses. Typical examples include houses, vehicles, furniture, artwork, retirement plans, pensions, bank accounts, CDs, or any other assets or investments earned or acquired during the marriage. 

...
Oakland County Bar Association State Bar of Michigan Collaborative Practice Institute of Michigan WCCDBA Woman Lawyers Association of Michigan
Back to Top