Most individuals in the process of divorce likely have questions and concerns pertaining to property jointly owned with their soon to be ex-spouse. The outcome of what happens to property in a divorce, and how it is divided between the parties depends on various factors.
Michigan residents may find the following options on division of property, specifically a homestead, in a divorce enlightening and helpful. Where property is involved in an impending divorce, depending on the amicability of the parties involved several different options are possible. For instance, one option is for both parties to sell the property and split the profits from the sale between themselves. However, in this case they have to agree on a listing price, home showings and until sale is complete decide how the expenses will be paid. Furthermore, both parties must consider the tax implications of the sale.
In a situation where one party wants to sell but the other does not, one may have the option to refinance the home in the name of the party who wants to keep the home. Another option is to have the home appraised, and spouse wanting to keep it to pay the other spouse half of the equity in the home. Finally, in cases where the spouses cannot agree on what to do, the court may have to step in and make a decision.
When facing a division of property issue, Michigan courts take into consideration spousal support or alimony awards. For many, issues surrounding property division can get complex and emotional. Thus, it may help to speak with a family law attorney familiar with the minute details of property division to examine the specifics of one's case.
Furthermore, it becomes crucial during such times to ascertain what assets and property is marital and what is not. In essence, a careful review of one's real and personal property such as cars, jewelry, financial accounts such as saving accounts, investments, retirement accounts, and insurance policies becomes necessary.
Source: Reuters, "Splitsville? How to divide property in a divorce," Geoff Williams, Oct. 7, 2013