In a divorce, asset division is one of the main components of the couple’s settlement. In Michigan and many other states, divorce courts divide couples’ property according to the doctrine of equitable distribution, which means that each partner receives a share of their marital property based on his or her personal and financial needs after the divorce.
Dividing assets equitably can be complicated. Often, other aspects of the couple’s divorce settlement have to be considered, like the couple’s child custody arrangement. The number of assets a couple owns and their values can substantially complicate the property division process, especially if the couple does not have a prenuptial agreement.
Marital property is the property obtained and developed during a couple’s marriage. In contrast, separate property is property that belongs to only one partner, which can include assets obtained before the marriage or through inheritance.
Marital property can include the following:
Rather than cutting the marital estate down the middle, the court must determine each party’s personal needs to divide the property fairly. Factors the court considers include, but are not limited to:
Beyond simply determining an equitable way to divide a couple’s marital assets, additional issues can crop up and complicate the process. A few examples of these include:
Owning a business or a large portion of a company can add an extra complication to your divorce. However, with a skilled divorce lawyer familiar with the issues on your side, your divorce doesn’t have to impact the operations of your entity. We have a variety of resources and networks we use to prove the value of your company or to appraise certain assets. We also take measures to keep your business records as private as possible. It is our goal to handle your legal concerns so you can focus on operating your business as usual. Strategies we often implement in a business owner’s divorce include:
Getting divorced is rarely easy. If you are considering ending your marriage or if you have already begun the divorce process, it is important that you work with an experienced divorce lawyer who can act as your advocate and ensure that your rights are protected. To learn more, schedule your initial legal consultation with a member of our team at Van Den Heuvel Law Office today.
To talk with our attorney about your legal concerns, contact the Van Den Heuvel Law Office by calling 616-698-0000. You may also complete our online contact form. After-hours consultations are available by appointment. We are also available on Skype by appointment.