Division of assets is one of the most important components of the divorce process, as parties in the divorce need to be able to survive financially after the divorce is final. The Sarnacki Law Firm offers divorce and family law representation in Grand Rapids. Below, we’ll take a look at how division of assets works in the state of Michigan.
Michigan is an Equitable Distribution State
Michigan divides property “equitably” or fairly, which is different than community property division, or exactly 50/50. However, the division of property in Michigan aims to be fair to each party, which can mean about equal at the end of the day.
Marital and Separate Property
Michigan also divides property into two kinds: marital and separate property. Separate property is property owned before the marriage or received as an inheritance or gift and is awarded to the original owner. Marital property is property obtained jointly or between your marriage dates and is subject to equitable distribution.
Factors Taken Into Account in the Division of Property
Some factors the courts will consider when dividing property and assets in the state of Michigan include:
- Number of years you were married
- Each spouse’s financial needs
- Cause of the divorce
- Future earning potential
- Each spouse’s contribution to the marital estate
Determining Property Value
Each important piece of property and asset to be divided will need to have a value placed upon it so that it can be divided up equitably. If the value of a piece of property cannot be amicably determined, the court will have to intercede, and experts may be of assistance.
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The Sarnacki Law Firm has more than three decades in representing clients in divorce and family law cases, including helping with division of assets. Schedule your consultation today!