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Understanding How Assets are Divided in a Divorce

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Understanding How Assets are Divided in a Divorce

Divorce is draining emotionally but can have major impacts on you financially, as well. When it comes to marital property division in Michigan, decisions made can affect your ability to recover from a divorce and your financial security for years to come. Our Michigan property division attorneys protect your rights in divorce and explain what you need to know about the process.  

Dividing Marital Property in a Michigan Divorce

Under the Michigan Statutes, any property and assets earned or acquired over the course of your marriage need to be divided between you and your spouse in a divorce. This is done on an equitable basis. Rather than dividing everything evenly between both parties, there are certain factors that will influence the amount each receives in a settlement or final divorce order. These include: 

  • The length of the marriage;
  • Each spouse‚Äôs individual income and premarital assets;
  • The contributions each party made to the marriage;
  • The contributions each party made in terms of increasing or decreasing the value of marital assets;
  • The potential tax impacts of any settlements;
  • Whether the couple previously entered into a pre-or post-marital agreement.¬†

What is Considered Marital Property in Michigan?

When filing for a divorce through the Michigan Courts, each spouse is required to submit a financial disclosure. This details all marital assets, which are then subject to marital property division. These include: 

  • Homes, rental properties, timeshares, and other types of real estate;
  • Cars, trucks, motorcycles, campers, boats, and other vehicles;
  • Household belongings, including furniture, artwork, and antiques;
  • Hobby or craft items and collectibles;
  • Jewelry, furs, and other personal belonging;
  • Business interests, including inventory and intellectual property;
  • Online assets, including cryptocurrency, websites, and storefronts on sites such as eBay;
  • Stocks, investments, and money in bank accounts;
  • Pension and retirement benefits.¬†

Making sure all marital property is disclosed in divorce proceedings helps to ensure you get what you are entitled to in a final settlement or court order. Unfortunately, it is not uncommon for a spouse to attempt to hide assets and to sell or give away property, in order to not have to share it with their spouse. 

Get Trusted Legal Guidance From Our Michigan Property Division Attorneys

Getting your fair share of any marital property and assets plays a major role in maintaining financial security after a divorce. At Lucido & Manzella, P.C., we provide the trusted legal guidance you need. This includes identifying all marital assets, preventing items from being squandered, and taking other steps to protect you. 

Do not take any chance when it comes to your future. Get the professional legal representation you need when going through a divorce. Call or contact our Michigan divorce and property division attorneys online to request a confidential consultation today.  

 

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