Marital Asset & Debt Division

Family Lawyers for Marital Property Division

While you are married, you might not be the one who goes out and earns a large paycheck. However, half of every check your spouse earns is yours. The statement that "I'm the one who earned it so it's my money" is not supported by law. In divorce, you and your spouse put all of your assets together and divide them by two. That is the general rule.

At Corriveau Law in Northville, Michigan, our lawyers will ensure that you receive all of the marital assets you are entitled to and are not burdened by debts that should not be yours. We will also help you take steps to ensure that your separate property is protected.

What Is a Marital Asset or Debt?

The general rule in Michigan is that anything accumulated post-marriage becomes a marital asset or a debt and is subject to equitable distribution. However, that is an oversimplification. If husband gets a credit card and puts personal charges on it, he is going to have a difficult time arguing that it was for the benefit of the family.

Sometimes, the allocation of debt in divorce becomes more important than the allocation of assets. Many people have more debts than assets. Identifying which debts are marital debts and making arguments for or against how those debts should be allocated is an important area of the law.

Determining what is a marital property and what is separate property is not always clear-cut. For example, an inheritance is separate property unless it is merged with your spouse's assets. Placing an inheritance in a joint checking account will cause it to become part of the marital estate. Retirement benefits such as pensions and 401(k) accounts are marital assets no matter whose name is on the account.

Finding and identifying marital assets require experts such as forensic accountants, as some people start hiding assets in anticipation of divorce. Appraisers are often needed to value assets.

Learn more about complex business evaluation in divorce.

Talk to an attorney at Our Firm

For a free initial consultation about the division of assets and debts with an attorney at our Northville firm, call 248-782-5202 (877-701-4991 toll free) or fill out the contact form on this site.