If you’re going through a divorce, you’re facing a range of important concerns, but one that often takes top billing is the division of marital property. The bottom line is that dividing marital assets has the potential to become a sticking point in virtually any divorce, but it’s far more likely to become complicated when the assets involved are high. If you find yourself in this challenging position, an experienced Michigan divorce attorney with a wealth of experience handling high-asset cases is standing by to help.
High Assets Generally Mean More Complicated Assets
The more assets you and your spouse must address in your divorce, the more room there is for complications. At the very least, there are often more assets to keep track of, which can be challenging in and of itself. If any of the assets involved are separate but have commingled with marital assets, for example, determining the status of each can turn into a battle of its own.
Separate Assets
The division of property in Michigan addresses the division of all assets obtained during the marriage – other than gifts or inheritances that either spouse received in their name alone. Those assets that either of you owned prior to marriage and brought into the marriage with you remain the owner’s separate assets, but when separate assets aren’t kept strictly separate, they can lose their separate nature. Consider the following:
- When separate assets are used for marital purposes – or vice versa – it erodes their classification as separate.
- Any increase in a separate asset’s value over the course of the marriage will likely be considered marital.
The higher your assets, the more likely there are to be issues that relate to where a separate asset ends and a marital asset begins.
Business Ownership
High assets often include business ownership, which has the capacity to seriously complicate asset division. This is especially true when one spouse has far more involvement in the business than the other. Consider the following scenarios:
- The spouse who is more involved in the business may take advantage of the many opportunities to hide assets it provides.
- The spouse who is more involved in the business may pull strings to obtain a valuation that serves their own financial interests.
- A business can present an excellent opportunity to disappear assets, dissipate funds, spend down assets, or generally cloud the issue.
Valuations
High assets mean properties with high values, and the matter of valuations can become a primary concern. Trusting your spouse to put a value on an asset can jeopardize your financial rights. In other words, it’s a bad idea not to carefully focus on the values assigned to the assets in question.
It’s Time to Consult with an Experienced Michigan Divorce Attorney
The accomplished divorce attorneys at The Smith Law Offices – proudly serving Westland and Ann Arbor – have an imposing track record in the realm of high-asset property division cases, and we’re committed to harnessing the full force of our experience in pursuit of your case’s best possible resolution. To learn more, please contact or call us at 734-333-9987 today.
