It is often challenging to decide who gets what during a divorce. You may have a specific piece of property that you want to keep, or you may worry about the fair distribution of all of your assets. Either way, our Michigan divorce lawyers can explain what the law says about dividing property during a divorce and help you plan for your future.
Equitable Distribution of Marital Property
Michigan law requires that marital assets be divided equitably. Marital assets include property acquired during the marriage. The marital property could include real estate, bank accounts, investment accounts, furnishings, art, pensions, cars, and businesses.
In Michigan, marital property must be divided equitably. However, equitable distribution does not mean equal distribution. Instead, equitable distribution is a fair distribution. A court will consider the following factors when making an equitable distribution:
- The length of your marriage
- Each spouse’s age and health
- Each spouse’s contribution to the marriage—including financial contributions and contributions made through homemaking and raising children
- Each spouse’s earning potential
- Each spouse’s financial needs and personal financial circumstances
- The financial needs of any minor children
- The cause(s) of the divorce
- General principles of fairness and equity
An experienced Michigan divorce attorney will review all of these factors with you and fight for your fair share of marital assets.
Separate Distribution of Separate Property
Separate property is the property that one spouse owned before marriage or property specifically gifted to or inherited by one spouse. Property that is classified as separate property during a marriage remains separate property at the time of divorce. Therefore, separate property is kept by the spouse who owns it, and this type of property is not subject to division during divorce proceedings.
Contact Top Bloomfield Hills Divorce Attorneys Today
The first step in protecting your property is understanding Michigan divorce law and how the unique terms of your prenuptial agreement could impact the division of your property. Our Bloomfield Hills divorce lawyers are here to help you. Let’s talk about your specific situation. Contact us today for a complimentary consultation.