Oakland County Complex Property Division Lawyer

Equitable Distribution in Michigan

Michigan is an equitable distribution state, which means that marital assets and debts involved in the divorce are divided equitably or fairly. Many people believe that this means property is divided equally, with each spouse receiving 50%. That is not the case. In some divorces, the division of property will closely resemble this type of split but in other cases, the division may favor one spouse over the other. In all divorce cases, only marital property, which is acquired by either or both spouses during the marriage, is divided.

What Issues Make Property Division Complex?

Complex property in divorce usually includes assets that are difficult to value, commingled property, and substantial amounts of marital and separate property. A few examples of complex property division issues include:

• Retirement plans: In many divorce cases, one spouse has accumulated retirement benefits, and their spouse is usually entitled to at least a portion of them. The amount the other spouse receives will depend on when the couple was married, and how much was contributed to the plan prior to the marriage.
• Stock ownership plans through employment: Many employers offer stock options to their employees. Due to the fact that employers often make contributions to these plans, they become particularly tricky to divide in divorce.
• Stock options: Not all stock options are provided by an employer. When one spouse owns stock options, they are still considered marital property, unless the spouse who owns them can prove that they were an inheritance or gift.
• Real estate: The value of real estate all depends on the market conditions at the time of sale, which can make dividing a marital home complicated. When a couple owns more than one real estate property, such as a family cottage or a rental property, these issues become even more complex.
• A business: In divorce cases that involve one or both spouses owning a business, that business must also be divided. The only way to avoid this is to keep all of the profits and expenses for the businesses completely separate during marriage, which is difficult. Couples may have to consider co-ownership, or one spouse may have to buy out the other.

Working through these complicated issues on your own may result in a forfeiture of your rights. An Oakland County complex property division lawyer can help you understand what is involved in these complicated issues, and ensure your rights are upheld.

Our Michigan Complex Property Division Lawyers are Here to Help

Divorce is difficult, and most people should work with a lawyer who can help them through the process. When complex assets and debts are involved, however, it is crucial that you work with an Oakland County complex property division lawyer. At Iafrate & Salassa, we understand how complicated property division issues can become, and how to work through them to ensure you retain the things most valuable to you. If you are going through a divorce, call us or contact us online to schedule a free consultation and to learn more about how we can help.