About Dividing Property In Michigan Divorces
Property division is the fundamental aspect of every divorce. Each spouse or both may have separate assets that they owned before marriage and kept separate from marital assets. Possessions that are acquired during the marriage are called marital assets and normally belong to both spouses unless a prenuptial agreement specifies otherwise.
The divorce decree will spell out which property will belong to each spouse afterward. The marital home and bank accounts are often the first assets under consideration, but there are usually many others. For advice and advocacy throughout the property division process, turn to us at Brandon Gardner & Associates.
Learn How Our Family Law Attorneys Can Guide You Through Property Division
At Brandon Gardner & Associates, our domestic lawyers will help you inventory and then negotiate the division of assets with your soon-to-be ex-spouse. These assets may include the following:
- Real estate, including your marital home, vacation home(s) and investment properties
- Cash assets, including checking and savings accounts
- Retirement assets, including 401(k) and IRA accounts
- Businesses and/or shares in businesses
- Household goods, tools, collectibles and other personal property
We will guide you efficiently through the division of assets that are difficult to divide, such as businesses and retirement accounts.
In rare cases, spouses might agree to continue as joint owners of a business that they have held during their marriage, but ownership designations should still be included in their divorces. It is much more common for business assets to be divided. This can be challenging when there is a strong desire by at least one spouse to keep a business intact. Determining how this will happen is not a job for a lawyer who is still learning the ropes. The more complex your marital assets are, the more
What about retirement accounts? Depending on the nature of your and your spouse’s assets, special financial transactions such as transfers or splits may be necessary to carry out the allocations specified in your divorce decree. With a qualified domestic relations order (QRDO) and proper delineation for the judge of retirement accounts as transfer events, the spouse who receives a split or transfer will not normally owe taxes for that transfer.
We have the skills and track record to confidently guide you through complex issues that are part of your high-asset divorce or any size divorce. If applicable, we will also help you include a spousal support arrangement in your property division agreement.
Get An Attorney’s Advice And Help Now
As experienced family law attorneys, we are ready to apply our experience to your property division and spousal support case with full dedication to your long-term interests. We want to bolster your chances of keeping assets that matter most to you.