Property Division in a Michigan Divorce
When facing a divorce one of the biggest issues you may be concerned about revolves around property division. You deserve to keep any property you acquired prior to your marriage and under Michigan law you are allowed to keep these assets even if your spouse is trying to claim rights to it.
In addition, property inherited by one spouse, even during the course of the marriage, is considered personal property.
In contrast, the property acquired during a marriage is equitably divided under Michigan state law. During your divorce proceedings, the court will ask each party to disclose how a piece of property was obtained.
Besides the property your family calls home, there may be other pieces of real estate to consider in your divorce proceedings. Perhaps your family owns a cabin up north or has a timeshare property to be examined. Family businesses may also need to be considered if their assets were obtained during the course of the marriage.
The types of possessions divided up in a divorce extend beyond property.
Other monetary assets to be considered for division by the court include, but are not limited to the following items.
- Stocks, bonds and investment accounts
- Retirement accounts including 401(k)s and pensions
- Health insurance
- Money and assets received as gifts or through an inheritance
Our experienced team of Lansing family lawyers at Grewal Law will work to protect your interest in all assets.
Property Division in Michigan: Marital Property
During the course of a divorce you are not required to stay living on a piece of property in order to maintain your rights over it. If your home was purchased during the course of your marriage and was paid for during the marriage it will be considered marital property. Even if only one spouse’s name is listed on the deed, Michigan law considers the property to be jointly owned by both parties.
While working as your Okemos family law firm we will help you determine what steps you need to take before moving out of the home. Even though you do not lose your rights over property when moving out, you still want to inventory all of the possessions within your home before leaving. These include appliances, furnishings, furniture and other items to be divided up.
We will walk you through the steps you need to take to properly document these items. Having documentation will ensure the other party does not attempt to dispose of any items during the divorce proceedings.
Besides assets acquired during your marriage, accumulated debt may be considered a joint liability to be paid by both parties. During your divorce proceedings, the court will decide who is responsible for an individual debt along with who will be awarded a particular piece of property.
How debt is divided in your divorce can have a major impact on your future financial stability. Grewal Law will strive to protect your assets while making sure debt is equitable divided.
Property Division During a Divorce: Individual Property Rights
Any property you acquired prior to the marriage should be maintained by you after the marriage has ended. While working as your Lansing divorce lawyer we will advocate to safeguard your property in the final divorce order. After the divorce, you also have the right to maintain any property you inherited.
Even if property is inherited while you are married it is considered individually owned and not marital property. We will fight to protect your interests and to preserve the rights of your property.
Protect Your Property with Grewal Law
The division of property in a divorce can be extremely contentious. While serving as your counsel, we will ensure your rights are protected. The Lansing divorce lawyers at Grewal Law we will be help you get awarded the property you deserve in your divorce proceedings.
When looking for an Okemos divorce lawyer or Lansing divorce attorney reach out to Grewal Law, PLLC.
Call us today for your free consultation at 517-393-3000