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Equitable Distribution Assistance with a Troy Property Division Attorney
Aside from child custody and child or spousal support issues, the most important issue for couples facing a divorce in Michigan, as well as most other states, is the division of the couple’s property. While this issue may not be as emotionally supercharged as the issues regarding the couple’s children, it is still the source of much of the contention in a Michigan divorce.
If you are facing a divorce in Michigan, and are concerned with how the marital property gets divided, let a Troy property division attorney at Hermiz Law help. We are experienced with the legal issues surrounding the division of marital property in Michigan, and we’ll fight on your behalf to be sure your property rights are protected.
About Equitable Division During a Divorce
Unlike states such as California that follow a more complex “community property” legal theory when dividing marital property, Michigan law calls for the division of marital property following the theory of “equitable distribution.” Community property states attempt to distribute marital property as close to 50-50 as possible, with a large number of conditions and exceptions, whereas equitable distribution states like Michigan divide property based on a determination of what’s most fair considering the unique circumstances of each case.
Marital Property and Separate Property
Michigan law regarding division of property and assets classifies property as either “marital” property or “separate” property. Generally speaking, marital property is subject to division and distribution while separate property is not. When dividing property, the court first determines which category the property falls into.
Marital property is the property or assets that were acquired during the course of a marriage. This typically includes homes, automobiles, furniture, furnishings, art, retirement accounts or other work benefits such as 401k’s, pension plans, businesses, electronics, savings, and various types of bank accounts.
It is key to understand that this includes assets that are earnedby either spouse during the marriage, even if they haven’t been received until after the divorce judgment. So, for example, if you earn a job performance bonus while you’re married, the bonus will be considered marital property, even if you file for divorce or are even actually divorced before the bonus is paid and receivable.
Furthermore, as indicated above, it doesn’t matter who actually earns the asset; so, for example, if a job performance bonus is earned by one spouse with no input whatsoever from the other, it is still considered to be marital property if it was earned during the marriage.
Separate property consists of the property or assets that one spouse owns independently. For example, separate property generally includes the assets one spouse owned prior to the marriage, property a spouse inherited, property acquired with a spouse’s own personal funds, or property one spouse received as a gift.
Let a Troy Property Division Attorney at Hermiz Law Help You With Your Child Custody Issues in Michigan
Unfortunately, dividing property into marital or separate property is much more complicated than it may sound. For example, when separate property becomes commingled with marital property, it can become quite difficult to distinguish between the two.
At Hermiz Law, we understand the law regarding property division upon divorce, and we’ll fight to help you protect all of the property you’re legally entitled to. Contact a Troy property division attorney today.