Equitable Division: How Property Is Divided In a Michigan Divorce
If you are getting divorced, marital property and assets must be divided. Some couples are able to reach a settlement on their own terms. However, if a court is involved, Michigan law states that a couple’s assets will be divided based on the principle of “equitable distribution.”
Equitable Division and Marital Property
Using various factors based on the couple’s situation, a court will divide assets based on what is fair, not necessarily equal or 50/50. This principle will also be applied to a couple’s debt, including mortgages, auto loans, credit card debts and more.
Before a Michigan court divides assets, they must first differentiate a couple’s “marital property” from “separate property.” Only martial property is divided, while separate property belongs solely to one or the other. However, depending on the facts, premarital and nonmarital assets may be subject to claims by a spouse.
Likewise, “marital debt” is distinguished from individual debt. Generally, if debt was taken on to benefit the family, it is marital debt owed by both parties.
You could even be liable for the entire debt if your ex-spouse does not pay. A family business benefits the entire family, so in a divorce involving a business, these debts could be attributed to you even if you did not participate in the company. Individual debt may include a vacation taken by only one person or money borrowed for a hobby of one person.
If you have questions about debt division, contact Spresser Ogden PLLC for help.
Experienced Debt Division Lawyers In Oakland County Michigan.
Family law cases may be resolved in one of four ways: a trial of the matter, a settlement, a reconciliation, or the death of a party. The first two of these are the domain of a divorce attorney. If the matter cannot be settled and an accord reached, Spresser Ogden PLLC has the skills, experience, and reputation to effectively meet and prevail over Michigan’s best legal talent.
We understand that sometimes what is in your children’s best interests, and your own, may only be had by the application of textured and thoughtful litigation. Whether it be by negotiation or litigation, we will pursue your family’s best interests with integrity, intelligence, and intensity.