Marital Property Division
Dividing two lives is one of the most difficult parts of a divorce. When it comes to marital property division, some items can be simple to give up while others are difficult to agree on, from assets to debts, pets to home ownership. Get the support you need through every step of your divorce from BBA Law in Shelby Township, MI.
Examples of Marital Property
Marital property includes any property you and your spouse acquired during marriage that is owned by both of you. It does not matter which spouse paid for an item, or how much either person may have contributed to the cost or care. There is no need for a certificate of ownership or a deed or title to show the property is part of the union. Even if there is documentation, if an item is part of the marriage, it is part of the divorce too.
Items defined as marital property can include:
- Family home
- Real estate
- Investment property
- Vacation home
- Family pets
- Vehicles
- Furniture
- Artwork
- Wages
- Investments
- Debts
Understanding Separate Property
There are, of course, some items that are not marital property and remain with the original person who brought them to the union. This is known as separate property and kept in a divorce. Examples of separate property can include an inheritance one spouse received during marriage or an investment property one spouse owned before marriage.
However, there are circumstances where your Michigan divorce lawyer can argue on your behalf that some items can be considered marital property. Take the investment property, for instance – if both spouses contributed to the improvement of the property and managed it together, they may be able to stake a claim in the value.
When you go into a marriage with your own property, it can turn into marital property if it is:
- Used regularly for marital purposes (e.g., a vacation home).
- Held in a joint bank account (e.g., wages).
- Received as a gift (e.g., an inheritance subsequently used to pay the mortgage).
Divorcing couples often argue about separate and marital property during divorce negotiations. The lines between what constitutes private ownership and joint ownership can be confusing.
Equitable Distribution of Assets
In the state of Michigan, divorcing couples can follow the rules of equitable distribution. The pair is encouraged to develop a settlement on their own regarding marital property division, however, if no agreement is met a judge will make the necessary determinations.
There is not an established formula to follow when it comes to equitable distribution of marital property. Simply agreeing on what is equitable between the two of you – not necessarily equal – can help avoid a judge’s involvement and what they consider a fair distribution of marital property division. Judges can be influenced by many elements of a couple’s union, including:
- Length of the marriage
- Contributions of each person to the marriage
- Earning potential
- Needs and circumstances of both parties
- Age and health of both parties
- Conduct of both spouses
Get Support with Marital Property Division from BBA Law in Michigan
Some couples liken the splitting up of physical property to a wedding registry, except instead of wishing for a request to be fulfilled on one of the happiest days, you’re marking territory you want to claim for yourself when you leave the marriage behind.
To ensure that you get a fair divorce in all circumstances, including marital property division, contact BBA Law for a consultation. Our divorce lawyers will help you negotiate successfully and work toward a settlement you can live with, protecting your assets and property along the way.
