Michigan Divorce: Splitting Things Up Fairly

Understanding marital property is crucial during divorce. A marital estate refers to all the assets and debts accumulated by a married couple throughout their marriage. This includes things you own together and even some debts.

Key Assets in a Marital Estate:

• Real Estate: Your primary residence, vacation homes, or any investment properties.
• Financial Assets: Bank accounts, savings, stocks, bonds, and retirement accounts like pensions.
• Vehicles: Cars, boats, and any other motorized possessions.
• Household Belongings: Furniture, appliances, and other shared items.
• Business Interests: Any ownership stake in a business built or acquired during the marriage.

Remember, separate property exists too! This may include:

• Premarital Assets: Property owned by either spouse before marriage.
• Inheritances: Money or possessions received by one spouse individually.
• Gifts: Items specifically given to just one spouse.

Marital Property vs. Separate Property: Key Differences

• When Acquired: Generally, assets acquired during the marriage are marital property.
• Source of Funds: Even if bought with separate funds, property acquired during marriage can be considered marital.

Michigan Laws Play a Role

Marital property division laws vary by state. In michigan, the Court awards property under a theory of equitable division, where principles of fairness are applied.  This may not result in exactly 50/50, but is designed to promote fairness when considering the factors.  

Things that can influence or impact the division of the marital estate include:    

• Commingling of Assets: When separate funds get mixed with marital funds, it can affect how property is classified.
• Debt Division: Debts incurred during the marriage are also considered marital property and will be divided.

An experienced attorney can help you through the process and discovering assets.  Call Ashley Legal, PLLC today!