In divorce proceedings, courts will attempt to determine which property is marital and separate. Marital property includes assets acquired during the marriage such as homes, cars, and furniture, while separate refers to assets obtained before the marriage such as inherited money. At FasTrack Divorce® Michigan, our elite divorce firm can work hard to find the best possible solution for your separation.
If you and your spouse can come to an agreement on a fair division of your property, you can file a contract called a property settlement agreement or divorce settlement for the judge to include in the final divorce judgment. Otherwise, you and your spouse will end up going through the court to decide the property division.
How is property divided in court?
In Michigan, courts push for equitably divided property between spouses, but this does not necessarily mean an equal division.
Courts can consider the following factors when distributing marital assets:
- Length of marriage
- Spouses' contributions of the marital estate
- Spouses' age and health
- Life status of the spouses
- Spouses' necessities, financial needs, and circumstances
- Earning abilities of the spouses
- Past relations and conduct of the spouses
- General principles of equity
The courts will determine which factors are most relevant depending the specific circumstances of your divorce. Debts will also need to be addressed such as home loans, car loans, credit card bills, and medical expenses. Both spouses will be liable for repayment for debts incurred during the marriage. A judge will decide how to divide debts if you and your spouse cannot come to an agreement.
We Stand With Our Valued Clients
When you call on FasTrack Divorce® Michigan, our firm can stand beside you during your four-person, two hour meeting and argue for your best result possible. Our FasTrack Divorce® process can greatly benefit you and your spouse if you are ready to have a serious conversation about how to proceed with your divorce and division of your property.
