There are two (2) forms of property, both Real and Personal. Real property includes land and/or homestead. Personal property includes everything else. Property is divided equally, but the Court may consider many factors including, but not limited to:
- Contribution of the parties to the estate
Amongst the issues which may be considered debt are attorney fees. The law provides for relief upon proper demonstration to the Court. Contribution of attorney fees are needed from your spouse both to prosecute the case and upon entry of the Judgment/Order.
Marital Asset & Debt Division – Family Lawyers for Marital Property Division
At Corriveau Family Law we will help you identify which property and debt may be considered a product of your marriage or not so that you are left with the fairest allocation of each upon the entry of the Judgment/Order.
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.
Determining what is marital property and what is separate property is not always clear-cut. 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.
Learn more about complex business evaluation in divorce.
How Are Assets Divided?
Most divorce cases involve dividing property. In fact a Judgment of divorce must include a determination of the property rights of the parties. MCR 3.211(B)(3). Divorce law is based on statutes. There is no authority to divide property, without an applicable statute. In granting a divorce, the court may divide all property that came to either party by reason of marriage. Generally, the marital estate is divided between the parties, and each takes away from the marriage that party’s own separate estate with no invasion by the other party. There is, however, no statue, court rule, or case law which defines martial property.
Examples of Marital Property
- Assets earned during the marriage;
- Retirement Plans.
- Workers Compensation benefits
- Martial home
- Stock Vacation and Sick time;
- Advanced degrees
- Employer buy-outs
Consult With a Lawyer Right Away
If you suspect a divorce is just over the horizon, you need to contact one of our attorneys as soon as possible. Your spouse may already be hiding assets and lying to you about it to protect their own selfish interests.
You can trust our experienced firm to make sure you know what assets you have and how much they’re worth. We work with business valuation and forensic accountants when appropriate to make sure all assets are on the table and properly accounted for. Contact us today!