Married couples usually share their house and other property. They also acquire property during the course of the marriage. For this reason, the court must determine what property belongs to whom, and how shared property should be divided. Like Spousal support, one of the objectives of property division is to return the other spouse to the position they were in before or during the marriage. The court will also try to give each spouse all of the property they have “equitable title” to. In this blog we will be looking at division of property in a divorce and what it means for you. If you have any questions about this topic, call our office today.
How does the court decide how to divide property?
There are many approaches to property division utilized by various states. In Michigan, the preferred approach is known as “equitable division of marital property”. Under this approach, any property which was owned by either spouse before the marriage is their own “separate property”. Any property which was acquired during the marriage is divided up in a fair and generally equal matter.
That being said, what is fair will not always be “equal”, and the family court will seek fairness above all else. However, under certain circumstances, the court may dip into one party’s separate property to give to the other in order to achieve “fairness and equity”. They are also likely to treat what would otherwise be separate property as marital property if the other spouse was somehow instrumental in acquiring or developing that property.
Can the division of property be modified later?
No. It is very important to note that once the court reaches a final decision on the division of property, it can never be modified. This is because the property distribution is not affected by changes in circumstances. Furthermore, allowing the parties to endlessly relitigate property distribution would be costly, inefficient, and quite unfair if one spouse does not have sufficient resources. So make sure the arrangement is satisfactory.
What is considered separate property?
While this usually consists of any real estate, personal items, cars, or cash you owned before you were married; it is important to be aware of other things which are considered separate property. For example, if you receive a personal gift from someone during your marriage, that would still be considered separate property. If you receive court awarded damages for pain and suffering, this is also considered separate property. Inheritance and personal gifts to one of the spouses are separate property, even if they are received during the marriage.
Conclusion
In general, marital property is any property that was acquired during the marriage. There are, however, certain types of assets that the court deals with in a very specific manner. Property and Assets involves a lot of work and you will need a professional to help guide you through the process. If you need more information on High Asset Divorce or Marital Property or if you have any questions regarding divorce in The State of Michigan contact Goldman and Associates Law Firm. At Goldman and Associates, our attorneys are experts in family law and they will thoroughly examine all aspects of your divorce. With the best lawyers in Michigan, Goldman and Associates takes each and every case very seriously and gives you the outcome you desire.
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