The dividing of retirement accounts can be one of the most complicated parts of the entire process. Many people do not realize it, but your retirement account is often your most valuable asset. If you’ve worked for a long time contributing to a 401k, IRA or pension plan, chances are these accounts have significant value. There are also several unique…
When it comes time to divide the family home during the divorce process, divorcing couples may be unfamiliar with their options. Understanding the different ways that a home may be divided during divorce can help the property division process progress more smoothly. Divorcing couples may want to take into account considerations such as their financial position, their housing situation and…
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…
Property division during a divorce in Michigan is never an easy task, but it becomes even more difficult if either you or your spouse are the recipient of an inheritance. Generally speaking, the court regards an inheritance as separate property belonging solely to the individual named in the will. As is often the case, however, exceptions can apply. It depends…
If you are like many couples in Michigan, your family home is one of the largest and most valuable assets you own. It is also likely the asset to which you or your spouse attribute the strongest emotional tie as this is where you live and raise your children together. This, however, should not be the reason that you let…
If you are like many divorcing spouses in Michigan, you may be concerned about how to best handle your home when ending your marriage. You likely know that many couples end up deciding to sell their marital homes but your spouse might be pushing hard to keep the home. You might even think that is not a bad idea because…
If you are a Michigan resident contemplating divorce, you probably are concerned about how the property, assets, and debts you and your spouse accumulated during your marriage will be distributed between you. Michigan is not one of the community property states. Instead, Michigan adheres to the “equitable distribution” doctrine that takes your needs and those of your spouse into account…
When you file wish to terminate your marriage in Michigan, there are a number of factors that must be negotiated and put in the divorce settlement. Property division may be one the most difficult topics to cover, as people become attached to items they accumulate during their marriage. It is crucial to understand the differences between marital and separate property,…