The tabloids and local papers are full of stories about couples that drag out the divorce process for months and sometimes even years, fighting over who gets what property. Most people have either a friend or a family member who has also gone through such an experience and they have seen firsthand how contentious property division process can become in a divorce. The fact is when couples split up they often have a hard time reaching common ground when it comes to dividing their assets and belongings.
So what are some of the common complications that arise during the property division process? First it is important to understand that Michigan is an equitable distribution state. While that may sound like both spouses always get an equal share, equitable distribution does not mean a 50/50 split of the marital assets. Equitable distribution actually means that the property is divided in a manner that is considered fair to both parties. When party is of the mistaken belief that a 50/50 split is a guarantee, complications often arise causing a delay in the settlement process.
Other common complications that come up during property division include, but are not limited to:
- Valuing property or assets – it is not always easy to determine the true value of all of your assets, especially those items that have fluctuating value, like retirement accounts and investment portfolios.
- Taxes – some couples overlook the different tax liabilities that are attached to different assets. That means one party could get a much larger tax bill than the other depending on which items go with whom.
- Prenuptial agreements – while Prenups usually make the process smoother, sometimes having a prenuptial agreement can also cause problems, because one of the spouses contests the agreement.
- Community and separate property – this is one of the most common problems for all couples. Before the marital property can be divided, couples must first determine what is community property and what is separate.
While the divorce process can be difficult and contentious, by having the help of an experienced Macomb County divorce attorney in your corner you can better ensure that you will come away with a fair and equitable settlement. Without the help of a knowledgeable law firm you could come away with much less than you deserve. Please contact the Law Office of Iafrate & Salassa in Macomb County if you are in need of help relative to property division in divorce. We can assist you in obtaining a fair settlement in accordance with the law. Click here to contact us online or call us at 586-263-1600