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Property division issues in a divorce are often some of the most contentious. Dividing property is also extremely complex, even when the two people involved are amicable and want to come to an agreement on their own. When going through a divorce, it is crucial to work with a skilled attorney in Clinton Township who can reach a settlement that is fair to you and appropriate for your unique situation.
Only marital property is divided during divorce proceedings. Marital property includes any assets that were acquired during the marriage. Some of the most common types of marital property include real estate property, investments, savings accounts, and shares or partnerships in businesses. Along with assets, any debts acquired during the marriage are also subject to property division rules.
Separate property is any property that was acquired by one spouse before the marriage. However, certain assets acquired during the marriage may not be subject to property division rules. For example, if one spouse received an inheritance during the marriage that was left solely to him or her, it is considered separate property.
Michigan is an equitable distribution state. This means that during property division hearings, marital property is not necessarily divided equally, but it is divided fairly. For instance, if one spouse committed adultery during the marriage and spent marital funds on that other relationship, a judge may award the other spouse more in property division to compensate for the lost funds.
Like all terms of a divorce, the couple can come to an agreement on their own regarding property division. When the two people are willing to work together but cannot come to an agreement on their own, they may choose to enter mediation. During mediation, a neutral third-party mediator will help foster compromise between the two parties so they can reach an agreement.
When a couple cannot come to an agreement on their own, property division hearings may become part of a divorce trial. During trial, a judge will determine the terms of property division. Judges take many factors into consideration when dividing property between two spouses. These include, but are not limited to, the length of the marriage, the contribution of both parties to the marital estate, the earning potential of each spouse, and the financial needs of each spouse. In addition to these factors, a judge will also consider any other relevant factors.
Property division issues are extremely complex, and cause some of the most heated debates during a divorce. At Iafrate & Salassa, our property division attorney in Clinton Township can help. We understand the law regarding property division in the state, and can help secure the most favorable outcome for you. If you are getting a divorce, call our skilled attorneys today to schedule a consultation and to learn more about how we can protect your best interests.