When going through the divorce process, figuring out who gets to keep what can be a struggle. At the end of the day, most people just want to walk away with their fair share of assets. Michigan divorce law helps couples achieve that by being an equitable distribution state.
In divorce, all marital property is up for grabs. Marital property is defined as assets acquired during the marriage. Such assets may include wedding gifts, real estate, money, retirement account funds, furniture — anything gifted to the couple, earned or purchased with marital funds.
The state does allow any separate property to remain separate in divorce. Separate property is defined as any assets belonging to one spouse that were either brought into the marriage or obtained during the marriage. These items are generally kept off the table when going through the property divisions phase of the divorce process, unless there is reason to believe they should be included.
The equitable distribution of assets does not mean that property will be evenly divided into two. It simply means that the value of property each spouse walks away from the marriage with should be equal. For example, if one party gets the house, the other may get more in monetary or other assets. There has to be balance.
Divorce law can be a confusing thing. Property division may seem simple and straightforward, but it is an area in which some divorcing couples in Michigan struggle to come to agreeable terms. With the assistance of legal counsel, it is possible to fight for a fair division of assets.
Source: FindLaw, “Michigan Marital Property Laws“, Accessed on May 8, 2018