Going through a divorce means dividing assets that were once owned jointly between you and your spouse. This can be complex, particularly if you have a high amount of assets or if you and your spouse have been married for many years.
All divorces are subject to state laws. This means that if you are getting divorced in Michigan, the way that assets are divided will be subject to the asset division laws in place in Michigan. Before filing for divorce, you should make sure that you have a clear understanding of how assets are divided. This will help you to avoid unfavorable outcomes and will aid you in making the best out of Michigan’s marital property laws.
What is marital property?
Not all property you own will necessarily be subject to division at divorce. Only marital property will be divided between divorcing spouses. Marital property is generally defined as all property that is acquired after the marriage of a couple, with the exception of gifts, inheritances and awards made due to lawsuits.
What are the marital property laws in Michigan?
In Michigan, community property is not recognized. This means that if spouses cannot come to an agreement regarding how marital assets should be divided, the assets will be divided by the divorce courts in accordance with what is deemed to be equitable and fair.
How do Michigan courts divide assets equitably?
Divorce courts in Michigan tend to divide both marital assets and debts equally. But in situations in which the courts believe that it would be unfair to divide assets and debts equally, they will distribute them in a way that they think is fairest given the circumstances. For example, if there is a high amount of debt to be divided, and one spouse has a very high income whereas the other spouse is unemployed, it is possible that the courts will allocate more debts to the spouse with the higher income.
If you are contemplating filing for divorce, you should make sure that you equip yourself with information on state law before moving forward. This will put you in the best position from which to file and get the most favorable outcome for yourself and your loved ones.