the smart law group
What will I get? Divorces are about dividing property.
Property division is the legal way to talk about how you are going to divide all of your stuff… which could
include your house, your car, your bank accounts, your retirement, and so on.
When you think about Property Division you need to be prepared and understand how WE prepare to
protect your interests.
What do I get to keep after divorce?
Divorces are about dividing property.
Legally, a divorce occurs when “the objects of matrimony have been destroyed and there remains no
reasonable likelihood that the marriage can be preserved”.
Getting divorced is one thing, dividing the marital estate and the property is another. The divorce process is largely about dividing up what you own (and what you owe).
How are assets divided in Michigan?
As you might expect, your property settlement depends on your situation. There are a lot of questions we have to answer in order to determine what you have to divide between the two of you.
The Smart Law Group will help you sort out all of those questions… and get you all the answers needed to make decisions and move forward.
What is in the “marital estate”?
Marital property is any property, or debt, acquired during the marriage. “During the marriage” usually starts from the date of the wedding until the Judgment of Divorce is finalized.
Everything that you and your spouse have accumulated during the marriage, whether it is in your name
or not, is part of what is considered the “marital estate” for division during the divorce.
Examples of Equitable Distribution in Divorce
Michigan law basically states that the “marital estate” shall be divided equitably.
Equity usually means equally, but there are still many factor to consider.
Factors that Influence Property Settlements
There are many considerations when determining an equitable and/or appropriate property settlement. Considerations include whether any of the property of either party was owned before the marriage, or was inherited, or was received as a gift during the marriage.
These issues can make a settlement more complicated.
Business Ownerships and Real Estate Divisions
If a business is involved, it can be complicated, time consuming and expensive to determine the value of the business.
Real estate must also be valued and second homes, vacant land and commercial property may have special issues in determining how it will be divided.
In other instances, there may be hidden assets to be discovered and valued. Experienced attorneys such as The Smart Law Group know how to protect your interests.
Judgement and Divorce Trials
In many cases, after all of the assets and debts are identified, an agreement can be reached on how to divide the marital estate.
If a settlement cannot be reached, the court will likely require the parties and their attorneys to meet with a mediator to try to reach an agreement.
When an agreement still cannot be reached, a Judge may have to decide how everything is divided.
A Judge will conduct a trial, which includes listening to testimony, reviewing evidence, and consider all of the facts of your case to reach a decision which will include:
A trial can be an expensive and time-consuming process, so every effort will be made to discover the information necessary to reach the best settlement on your behalf and avoid a trial, if possible.
BUT, if a trial is needed, The Smart Law Group has the knowledge, the experience and the appropriate aggressiveness to protect you as much as possible. The Smart Law Group will review everything with you to make sure you are making the best decision and the smart decision.
Ready to talk over your options?