How you divide your property with your spouse is often one of the most challenging and heated aspects of a Michigan divorce. While Michigan law says couples must divide their property fairly, that does not always equate to a 50/50 split. It’s crucial to know what state law says on this subject and what you can do to give yourself the best chance of claiming a fair share of your marital property.
Attorney Lisa Stern has dedicated her career to guiding people through the complex, emotional Michigan divorce process. If you have questions about how you divide your property in a Michigan divorce, you’ll find some of the answers you need below.
The Rules For Dividing Property In A Michigan Divorce
Some states use the “community property” model to divide couples’ assets when they divorce, which means spouses split all their marital property evenly. Michigan does not use this rule. Instead, state law dictates that couples must divide their assets equitably, which does not always mean an even split.
While Michigan couples can create a plan for dividing their shared property, the courts must still approve it. Some factors judges consider in these matters include:
- Length of the marriage: A longer marriage will result in careful consideration of the effects the divorce will have on the economic status of each party.
- Earning potential of each spouse: Judges consider each spouse’s ability to sustain their standard of living, including their ability to earn, education, job skills, and current employment status.
- Contributions to the marriage: This includes both financial contributions, such as income, and non-financial contributions, like raising children or managing the household.
- Health of each spouse: A spouse with significant health issues or medical needs might receive a larger portion of the assets to help ensure their well-being.
- Age of each spouse: The remaining time a spouse will be able to work can be a factor in dividing the marital assets.
- Fault in the divorce: While Michigan is a no-fault divorce state, a judge may still consider whether one spouse’s misconduct, like infidelity or abuse, impacted the marriage and can choose to reduce the wrongdoer’s share of marital assets.
What About Prenuptial Agreements?
Prenuptial agreements that include terms regarding how a couple will divide their assets can simplify the legal process. A prenup cannot be so unfair that it leaves one spouse at a significant financial disadvantage. The courts can find a prenup unconscionable and refuse to acknowledge it if one spouse signed it under duress.
How A Michigan Property Division Lawyer Can Help
Working with a Michigan property division lawyer is vital if you want to receive your fair share of marital assets during a divorce. Attorney Lisa Stern and her team can carefully evaluate all your property, including bank accounts, retirement funds, and real estate, to make sure any agreement includes a fair distribution of all marital assets. We can also identify any assets you own that qualify as separate property, which you don’t have to split. If your spouse is hiding assets, we can use legal tools like subpoenas to uncover them. Finally, we’ll represent you in mediation or court hearings to make sure any property division agreement considers your current and future financial needs.
Attorney Lisa Stern is here to protect your financial future in a Michigan divorce. Call our firm today at 248-973-7842 or complete our contact form for a consultation.