Asset Division Lawyer Assisting Clients in Bloomfield Township, Michigan
Are you considering divorce but wondering about how your marital assets will be divided? When two people in Michigan decide to get divorced, they should know that part of the process involves the division of marital property. Under Michigan law, all marital property is divided in the divorce, including both assets and debts. Separate or nonmarital property is not subject to division, but it can be difficult in some situations to classify property.
If you have questions about asset division in a Michigan divorce or need assistance with your case, you should get in touch with a Bloomfield Township asset division lawyer as soon as possible,
Bloomfield Township and Equitable Distribution
Property division in the state is done according to a theory known as equitable distribution. Equitable distribution means that marital property is divided in a way that is fair to both of the parties. In some cases, equitable distribution can mean that the property is divided equally between the spouses, but this is not often the case. Instead, the court looks at a number of different factors to determine how to divide the assets and debts of the marriage in a manner that is equitable to both of the parties. Factors the court may consider include but are not limited to:
- Length of the marriage;
- Contribution of each spouse to the marriage;
- Age of both of the parties;
- Health of both of the parties;
- Ability of both spouses to earn an income (and the specific earning ability of each); and
- Standard of living established during the marriage.
Understanding the Distinction Between Marital and Separate Property in Bloomfield Township
Marital property—which includes both assets and debts from a marriage—is divisible in a divorce, but separate (or nonmarital) property is not divisible. Sometimes it can be difficult to distinguish between marital and separate property, but generally speaking, the following property may be classified as separate property and not subject to division:
- Property acquired before the marriage;
- Property acquired as a gift to only one of the spouses;
- Property inherited by only one of the spouses; and
- Property classified as separate by an enforceable premarital agreement (also known as a prenuptial agreement).
Sometimes separate property can become commingled with marital property, making it more difficult to classify. For example, the money in a savings account established before the marriage might be used to pay for the down payment on a marital home, or that money might be deposited into a joint checking account during the marriage. A divorce lawyer can say more about what types of assets are divisible in your divorce.
Contact a Bloomfield Township Asset Division Attorney
Property division in Michigan is often one of the most contentious aspects of any divorce case. In particular, when couples have been married for many years, dividing assets can be a difficult and complicated task. If you need assistance with property division in your divorce case, an experienced Bloomfield Township asset division attorney can assist you. Contact the law office of Paul J. Tafelski to learn more about the services we provide to clients in Michigan.