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Royal Oak Complex Property Division

Royal Oak Complex Property Division

Couples don’t have to be considerably wealthy to have issues related to complex property division in a Michigan divorce case. It’s possible to have a complicated web of ownership details and structures, even with assets that don’t have a high price tag. In these situations, spouses tend to face tough challenges when it comes to one core component of divorce: Asset distribution. The Michigan statute requires a fair split of marital property, an arrangement that seems elusive given the nature of the assets.

You need experienced, knowledgeable attorneys you can trust in a complex property division case, and can count on the lawyers at Iafrate & Salassa, P.C. to fight for your rights. These matters are demanding, requiring an in-depth investigation into ownership of marital assets and financial holdings. Our attorneys understand the legal requirements for transferring interests and establishing value, so we can assist throughout the asset division process.

Protecting Your Interests in Asset Distribution

No matter how complicated an asset may be, the primary issue in complex property division cases under Michigan divorce law remains the same: Making an equitable division of assets between respective spouses. Where possible, courts encourage spouses to come to an agreement on property. With complex assets, it’s wise to have an attorney on board to:

  • Assist with negotiations and ensure protection of your interests;
  • Execute necessary documents to formalize the agreement;
  • Handle the various, meticulous tasks of transferring ownership of assets.

If you must go to court to resolve issues with complex assets, the process starts with separating marital from non-marital property. It’s necessary to establish value of marital property, so that it can be divided according to the principles of equity. However, there can be blurred lines when classifying property acquired before and during the marriage, raising important legal questions.

Once the marital estate is identified, Michigan law provides different factors and formulas to make a determination of asset division between spouses. The entire proceeding is overwhelming if you don’t have a legal background, especially in regards to:

  • Complicated ownership structures, such as those involved with trusts, real estate, and separate legal entities;
  • High value assets, which require special attention due to valuation methods;
  • Ownership of a business, where spouses may be interconnected in their contribution to the company – financially and personally; and,
  • Hidden assets, when a spouse is tempted to conceal property from the court to skew asset division or spousal support.

Contact a Michigan Divorce Lawyer About Complex Property Division

Complicated holdings may present a challenge for divorcing couples in Michigan, which is why it’s even more important to retain skilled attorneys that focus on these types of cases. At Iafrate & Salassa, P.C., our legal team takes on the difficult complex property division cases, helping with settlement discussions or representing you in court. Combined, our Royal Oaks, MI lawyers have been providing legal services in divorce matters for more than 50 years, and we can help you, too. Please contact us today at (586) 263-1600 or via E-mail to discuss your circumstances.

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