Asset Division Attorney in Farmington Hills, Michigan
Divorce often has a significant impact on relationships and finances. Among the vital aspects of the marriage dissolution process that need to be sorted out before a divorce can be finalized is how the couple's assets and debts will be distributed. In the event that they are unable to determine asset division amicably, the Family Division of Michigan Circuits Courts will step in and help divide marital assets equitably and fairly.
If you are considering filing for divorce and trying to understand the asset division process, consulting with an experienced Michigan family law attorney is crucial for proper guidance. Attorney Steven L. Rotenberg has the experience and resources to guide individuals and families through the complexities of asset division in a divorce. He's available to discuss your situation and educate you about the property division process. As your legal counsel, attorney Steven L. Rotenberg will work to protect your best interests and advocate for what belongs to you.
Steven L. Rotenberg, PLLC, is proud to serve clients in Bingham Farms, Michigan, and the neighboring areas of Mount Clemens, Pontiac, Monroe, and the metro Detroit, Michigan area.
Community Property vs. Separate Property
When filing for divorce in the state of Michigan, both spouses' assets will be categorized into either community property or separate property.
Community property (or marital property) involves all assets, real property, and debts accumulated by the couple during the marriage. Such assets include the marital home, motor vehicles, second homes, income, stocks, business interests, bank accounts, and royalties. Any 401k accounts, retirement accounts, credit card charges, rents, as well as all other assets acquired or debt incurred during the period of the marriage will also be categorized as marital property.
In contrast, separate property includes all assets and property owned or debts and liability incurred by either spouse before the marriage. Separate property also includes personal gifts, third-party inheritances, and personal injury claims received by each spouse during the marriage.
Determining How Assets are Divided
The asset distribution process may either be uncontested or contested.
Uncontested Asset Division
In an uncontested asset division, the spouses mutually agree upon important terms regarding how the couple's assets and debts will be distributed. All details and terms of the agreement must be properly documented in a marital dissolution agreement and filed in a Michigan court for official approval. A knowledgeable asset division attorney can help protect your rights and keep the conversation on track.
Contested Asset Division
In contested asset division, the spouses are not able to agree upon one or more crucial terms of how their assets and debts should be divided. The court will need to intervene to resolve such issues. A court hearing will be scheduled, during which a judge will issue a final decree. An experienced attorney can help present your case diligently and maximize your chances of obtaining the best available judgment.
Factors Considered in Asset Division
Michigan is an “equitable distribution” state. This means that in a contested asset division case, the court must divide marital property equitably and fairly. In making such decisions, the following factors may be considered:
The duration of the marriage
The contribution of each spouse to the accumulation of marital estate
The life status of the spouses
The age and health of each spouse
The earning abilities of the spouses
The necessities, financial needs, and circumstances of either spouse
The spouses' past relations and conduct
Any other factor considered necessary to achieve equitable and fair distribution
An experienced property division attorney will argue on your behalf to protect your rights, your family's best interests, your future, and what rightfully belongs to you.
Work with a Knowledgeable Attorney
Filing for divorce in Michigan involves several complex procedures. Trying to divide marital property or work out a feasible divorce settlement with your estranged spouse can make the entire process even more daunting. When determining property division in a divorce, it is important that you speak with a knowledgeable family law attorney for detailed guidance and to protect your best interests.
Attorney Steven L. Rotenberg is committed to offering comprehensive legal guidance and strong advocacy to clients in family law-related matters, including divorce and asset division. As your legal counsel, he can evaluate your unique situation and explore your possible legal options. Using his extensive legal understanding, he will work diligently with all parties involved to resolve asset division issues and help you move forward.
Asset Division Attorney
Serving Bingham Farms, Michigan
If you are needing to understand the division of assets process, contact Steven L. Rotenberg, PLLC, today to schedule a consultation. Attorney Steven L. Rotenberg can provide the legal counsel and advocacy you need to make well-informed decisions. The firm serves clients in Bingham Farms and the neighboring areas of Mount Clemens, Pontiac, Monroe, and the metro Detroit, Michigan area.