Asset Division in Divorce
Michigan asset and property division in a divorce begins with a distinction between marital property and separate property. Marital property will be divided and separate property will not and each party keeps separate property. Marital property is property that was accumulate during the marriage and includes the home, bank accounts, vehicles, retirement benefits, stocks, bonds, professional degrees and licenses, and interests in a business. Separate property includes property that was held by a party prior to the marriage or inherited. Separate property can become marital property if it is added to during the marriage or mixed with marital property.
Michigan divorce laws generally divide marital property fifty percent between the parties but other factors such as fairness and equity will be considered such as the age and need of the parties. Fault may be considered in asset division although itself is not grounds that need be proven for a divorce to be granted.
Valuing marital property can be difficult and can only be left to experienced attorneys. For example the worth of a pension can only be the amount a party earned during the marriage, not the amount that was earned prior or will be earned afterward. This amount will be determined according to the pension plan and will be referenced in a Qualified Domestic Relations Order (QDRO).
The value of a professional degree is likewise speculative. It may be very difficult to determine the party’s future earnings in any profession. Similarly a party’s interest in a business and the future profits arising from the business are speculative.
At Williams Law Offices, PLLC we take your position and advocate on your behalf. We guarantee aggressive representation and will obtain all of the property of which you are entitled or protect your interest in property.