Property division is the common thread amongst all divorces in America, with few exceptions. While some divorce cases may involve other issues as well, such as child custody, child support and alimony, every divorcing couple will need to figure out how to divide their assets and debts. As they do, they will need to be sure that all funds, property and debt are considered, particularly in high-asset divorce cases.
Most people probably have more assets than they realize prior to a divorce. They likely have more debt as well. In high-asset divorces, these numbers can make the prospect of dividing assets and debts seem daunting. However, with a full accounting, and a dedication to getting through the legal issue without letting emotions boil over, Michigan residents who are going through a high-asset divorce can get to the other side.
So, what are some of the assets that may not be in the forefront of your mind when you first think about a divorce? Unlike the family home or the vehicles you and your soon-to-be ex-spouse drive every day, it can be easy to overlook the fact that you may have valuable possessions that could become a point of contention in a divorce case, such as artwork, furniture or collectibles. Don’t forget about real estate as well, such as vacation homes or rental property. Business assets should be considered to be fairly important, as will retirement and investment accounts. Going through a checklist of potential assets that need to be included in the property division process during a divorce can be quite helpful for Michigan residents.
Lastly, again, remember that debt must be divided in a divorce as well. This includes how any mortgages or car loans will be addressed, as well as credit card debt and student loans.