Grand Rapids Property Division Lawyers

Understanding Asset and Debt Division in Michigan Divorces

Division of property and debts is a contentious issue for many couples who are divorcing. It is important to understand that this process is governed by state laws, and the way the process plays out will differ based on the unique circumstances of your case. If you are looking at property division, it is important to have an attorney on your side who is familiar with the laws governing property division in Michigan. At McShane & Bowie, we have been handling property division for more than 20 years. We have the experience to effectively represent you in this process.

To learn more about property division in your divorce, get in touch with our Grand Rapids property division attorneys at (616) 747-7922.

What is Property Division?

Property division refers to the legal process of distributing assets and debts between partners during a divorce. This process is crucial to ensuring that both parties obtain a fair share of the marital property. Marital property includes all assets and debts acquired during the marriage, regardless of whose name is on the title. This can encompass real estate, personal property, bank accounts, retirement accounts, investments, and even debts such as mortgages and credit card balances.

Equitable Distribution in Michigan

When dividing property, the court will generally follow the legal rules of equitable distribution. This means that the court will divide the property in a fair and equitable manner between the divorcing parties. While the court will generally divide the property 50/50 between the parties, there are certain circumstances that could lead the court to deviate from this rule. For example, if one spouse is at fault for the divorce or if one spouse was abusive during the marriage, the court may deviate from the 50/50 rule and award more property to the innocent party.

Some of the factors a Michigan court will take into account when dividing property include:

• the market value of the property
• the nature of the property (e.g., personal property vs. real property)
• how the property was acquired (e.g., who earned the money to pay for it)
• the duration of the marriage
• the conduct of the parties (e.g., if one spouse wasted the marital assets)

We understand how property division works in Michigan, and we will work with you to establish a fair and equitable division that is in your best interests.

Asset Valuation During Divorce Proceedings

The first step in determining how to divide property is to value the assets. Assets can include real estate, bank accounts, retirement plans, and other investments. We will work with you to determine the value of your assets and any future plans you may have for these assets.

Dividing Business Assets in a Michigan Divorce

If you own a business, you will need to value it as well in order to properly divide it. We can help you with this process as well. We will work with you to value the business and work with an accountant if necessary to do so.

Timeline for Dividing Assets and Debts in Divorce

The length of the property division process will depend on your specific circumstances. While the process generally takes between 6 to 12 months, it could take longer if there are a lot of assets to divide and/or if there are any disagreements between the parties. If you are looking to get this process over with as quickly as possible, we can help you with this as well. While the law may dictate how property is divided, we can work with you to reach an agreement with your spouse that will allow you to get the process over with as quickly as possible.

How Our Property Division Attorney Can Help You

We can assist you by:

• Thorough Asset and Debt Analysis: Conducting a detailed analysis of all marital assets and debts to ensure a complete and accurate inventory. This is essential for equitable distribution and helps prevent hidden assets from affecting the outcome.
• Valuation Expertise: Collaborating with financial experts, appraisers, and other professionals to accurately value complex assets such as businesses, real estate, and retirement accounts. Proper valuation is critical for fair division.
• Negotiation and Mediation: Utilizing skilled negotiation techniques and mediation to reach amicable agreements between parties. We aim to minimize conflict and avoid lengthy court battles whenever possible, ensuring a smoother and less stressful process.
• Litigation Support: Providing robust representation in court if a fair settlement cannot be reached through negotiation. Our attorney is prepared to advocate aggressively on your behalf, presenting a compelling case to achieve the best possible outcome.
• Customized Legal Strategies: Developing personalized legal strategies tailored to your unique situation and goals. Every divorce is different, and we take the time to understand your needs and priorities to create a plan that works for you.
• Ensuring Compliance and Protection: Drafting and reviewing legal documents to ensure compliance with state laws and protection of your rights. This includes preparing QDROs for retirement account division and ensuring that all agreements are legally binding.
• Post-Divorce Modifications: Assisting with post-divorce modifications related to property division if circumstances change. Life events such as job loss, relocation, or substantial financial changes may necessitate adjustments to the original agreement.