Protect Your Rights When It Comes To Property Division
Property accumulated during the marriage is generally considered marital property. This includes homes, cars, pension plans and also debts and assets – regardless of who “earned it.” In Michigan, there is no formula for dividing marital property. If the parties cannot agree, the court will divide marital property based on what is equitable. This does not necessarily mean a 50-50 split – it means that property will be divided based on what the court deems fair.
Understanding Property Division In Michigan
The court does distinguish between marital property and separate property. Anything a party had prior to the marriage is generally considered a nonmarital property and would not be divided. However, there are exceptions. For example, a house owned before the marriage may be awarded to the party who owned it, but the increase in its equity from the date of marriage to the date of divorce may be divided as a marital asset. Generally, once a party contributes to the acquisition, improvement or accumulation of a nonmarital asset, it becomes a marital asset.
When the parties cannot agree as to how marital assets should be divided, the court will look at a number of factors, including:
- The length of the marriage
- The health and age of the parties
- The parties’ station in life
- The parties’ ability to earn
- The discrepancies between the parties’ asset
This is not an exhaustive list, and the court may consider additional factors. When dividing property, fairness is the main concern.
Contact Delia A. Miller, PLLC, To Learn More
Property division can be complicated without the help of an experienced family law attorney. Protect your right to a fair division of your marital assets and financial stability following your divorce by calling attorney Delia A. Miller in Bloomfield Hills at 248-453-9142 or sending an email. You may also speak to Delia about limited scope representation for property division matters.