Marital Property Division Attorney in Michigan

Dividing Marital Property in Michigan

Since Michigan is not a community property state, a couple’s monetary assets and property is not necessarily divided 50-50 during the course of a divorce. The assets and property accumulated during the course of the marriage are subject to equitable division, meaning divided as fairly and equitably as the court deems.

At the office of Bailey & Terranova, our Michigan property division attorneys and staff are committed to helping individuals through their divorce as they separate property. We structure our advice and guidance to help clients see the short-term and long-term benefits and drawbacks of divorce asset protection and property division.

What Counts as Separate Property?

Homes, property, and physical possessions are not the only types of materials subject to division. Below is a brief list of some of the types of monetary assets and accounts that may be divided upon divorce:

Retirement accounts
401K
Social Security disability benefits
Health insurance
Pensions
IRA
Stocks and bonds
Investment and bank accounts
Gifts and inheritance

Our firm also has the experience and resources clients with complex marital estates need for proper valuation of extensive real estate and business assets, and other special considerations. Reach out to our marital property division lawyers today to start your case.

Your marital debt is also subject to property division

Your combined debt is also considered marital property. By dividing the debt (accumulated by the two parties throughout the course of a marriage) between the two parties, this removes the burden of one party carrying the debt and believing he or she has been treated unfairly.

Our property division attorneys strive to help clients understand this type of marital division and how it may factor into other aspects of the marital property division. Our firm can also show that you may not be liable for the money owed if it was incurred by the other spouse for that spouse instead of for the both of you, such as credit card debt. We also handle the establishment of a Qualified Domestic Relations Order (QDRO) for our clients. Contact us today to discuss the details of this order and how it may impact your situation.

Complex Marital Estates

If one or both spouses in a divorce have acquired substantial assets or real estate during the course of the marriage, the task of property division can become extremely complex. For example, proper valuation must be undertaken and all tax issues carefully considered. Finding qualified legal assistance from a skilled family law firm is vital to protecting your rights and preserving your interests.

Proper valuation of high-end assets in a divorce is of the utmost importance. This is especially true in today’s distressed economy, where many of these high-end assets are now worth much less than they once were. Spouses have great incentive to conceal these complex assets or make unreasonable demands about how this valuable marital property should be divided.

Our experienced attorneys have the skill and resources needed to effectively handle high-net worth divorce cases involving the following marital property and assets:

Vacation homes and other significant real estate investments
Family businesses or controlling interests in closely held corporations
High-value retirement or pension benefits
Stock options and other lucrative forms of executive compensation
Trust funds and other inheritances
Prenuptial agreements

Contact a Michigan Marital Property Division Lawyer Today

In order to effectively identify and value significant marital assets, we consult with forensic and appraisal experts in a wide range of disciplines, including real estate, business, accounting, pension and trust administration, taxation and more. Our primary objective in all property division issues is to gather and present a comprehensive picture of separate property versus marital property.

Our comprehensive representation allows clients to make informed decisions concerning commercial or residential property, hidden or transferred assets, and debt division. If desired, our firm can pursue a private dispute resolution in order to reduce the impact of a divorce on a business and avoid a public record through the family courts.

Contact our firm today to schedule a consultation with one of our skilled property division lawyers in Michigan. We will help to ensure all assets are distributed in an equitable manner throughout your divorce proceedings.