Finding Equitable Asset Division Arrangements Holistically
If the time has come to divide your assets and property in a divorce, you will find astute financial counsel at Herbert Machnik Law Firm. Taking a holistic approach to asset and property division is what we do. All of our property division attorneys are financially savvy, allowing them to look at not only your assets and debts but also your insurance, taxes and other factors to see the big picture.
We take a hands-on approach to helping our clients. Our lawyers know that legal theory is not adequate when real people need real solutions. We get to know you as a person so we see the big picture and can develop comprehensive strategies.
Prepared To Represent You Assertively
Michigan is an equitable distribution state. This means that marital assets – the assets acquired after the marriage, with a few exceptions such as inheritances – are subject to equitable division. Equitable does not necessarily mean 50-50, so there is the potential for different outcomes — you need strong legal guidance. As family law counsel, we understand the necessity of an equitable property division agreement. With that said, we also understand the importance of advocating aggressively for your best interests in pretrial negotiations or in court.
Sophisticated Property Division Attorneys For High Net Worth Divorces
When you have significant assets such as multiple pieces of real estate, multiple vehicles or a business that you own, property division becomes even more complex. Fortunately, our team is up to the task. We regularly work with business owners who face the daunting and complex task of valuing and dividing business assets in a Michigan divorce. Through careful forensic investigation and discovery, we can also help you determine whether your spouse is hiding assets or dissipating them.
Frequently Asked Questions About The Distribution Of Property In A Michigan Divorce
The division of property can be complicated and cause contention. Our experienced lawyers have helped hundreds of clients in Kalamazoo and its surrounding communities with this process. Here, they provide answers to the questions they are most often asked. If you have questions about your individual case, we invite you to schedule an initial consultation appointment so we can answer them and address your specific concerns.
What is the difference between marital property and separate property in a Michigan divorce?
In a Michigan divorce, marital property includes assets acquired during the marriage, such as joint bank accounts, homes and vehicles. It is subject to equitable division divorce laws.
Separate property, on the other hand, does not need to be divided. It consists of assets owned by one spouse before the marriage, gifts that are only given to one spouse and inheritances received by one spouse.
Separate property remains separate as long as it is not commingled with marital property. Identifying which property is separate and which is marital is often a point of contention in a divorce. However, understanding the distinction between these types of property is crucial for a fair division. An experienced divorce lawyer can help clarify these categories and ensure that your property is classified correctly.
How is marital property divided 50/50 in a Michigan divorce?
In Michigan, marital property is divided equitably in a process called equitable distribution. Equitable distribution doesn’t always mean an even 50/50 split, but rather, a division of property that is fair. The court considers several factors to determine a fair distribution. These include:
- The length of the divorcing couple’s marriage
- The contributions each spouse has made to the marital estate
- The age and health of each spouse
- The financial needs and earning capacities of each spouse
The goal is to reach a fair division, not necessarily an equal one. An attorney who understands the nuances of Michigan divorce law and has the experience needed to view your case holistically can provide crucial guidance. Our goal is to ensure a fair outcome that reflects the big picture of your situation.
Who is responsible for marital debts in Michigan?
In Michigan, marital debts are also divided equitably between spouses. This means the court aims to distribute debts fairly, though not necessarily equally. Factors like each spouse’s ability to pay, the purpose of the debt, and who benefited from the debt are considered. An unfair division of debt can affect the overall fairness of the divorcing couple’s property distribution.
Our divorce lawyers take a holistic view of the distribution of property, debt and the divorce as a whole. We can help you understand how debt division fits into the larger picture and provide invaluable advice on navigating this complex process.
Who gets the family home?
If the couple cannot agree on who gets the family home during settlement negotiations, the court will consider several different factors. These factors include:
- The best interests of any children involved
- Each spouse’s financial situation
- Which party has been primarily responsible for maintaining the home
In addition, any outstanding mortgage debt will be evaluated and factored into the decision. A knowledgeable property division attorney who can see the larger picture will be able to help you understand these considerations and work toward a resolution that suits your unique circumstances.
How are business interests handled in a Michigan divorce?
Dividing business interests in a Michigan divorce can be complicated. The value of the business must be assessed for a fair financial division. Depending on when the business began, there may be issues defining the marital value of the business. The court will consider factors such as each spouse’s role in the business and how its value contributed to the marital estate.
At Herbert Machnik Law Firm, we have the network and resources to accurately and fairly evaluate a family or privately owned business. If necessary, we employ financial experts to assess the business’s worth and ensure that business assets are fully disclosed. Our divorce attorneys have a comprehensive understanding of property division laws and the potential issues that can arise. They can guide you through this process, ensuring that your interests are protected and any businesses are fairly valued.
Get Holistic And Cohesive Divorce Counsel Today
Herbert Machnik Law Firm will represent you assertively when dividing assets during your divorce. Learn more by using our online contact form or by calling our Kalamazoo law office at 269-948-7600 to schedule an initial consultation.