Property Division is the process of dividing assets and liabilities between spouses during the divorce proceeding. Michigan is an equitable distribution state which means each party should generally receive an equitable share of the marital estate. The division must be equitable, just, reasonable, and fair under the circumstances. The property division process involves determining the value of the marital/separate estate which includes bank accounts, investment accounts, real estate, business assets, and other (shared) assets. The parties may divide the assets by entering a settlement agreement via their attorneys or mediation, or the Court may enter the Judgement of Divorce which includes the terms of the property division. The following factors should be considered regarding dividing marital property:
- the duration of the marriage
- the parties’ contributions to the marital estate
- the parties’ ages
- the parties’ health
- the parties’ life status
- the parties’ necessities and circumstances
- the parties’ earning abilities
- the parties’ past relations and conduct
- general principles of equity
Property division requires careful planning, organization, consider methods of division, and professional guidance. It’s important to understand the legal rules of property division and ensure that your rights and interests are protected. Contact our office at (517) 939-1880 to discuss your legal options.