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PROPERTY DIVISION
Since Michigan is not a community property state, a couple’s monetary assets and property are not necessarily divided 50-50 during the course of a divorce. The assets and property gained during the course of marriage are subject to equitable distribution, which means they are to be divided fairly in the judgment of the family court.
Sterling Law Office attorneys help clients see the short-term and long-term benefits and drawbacks of asset protection and property division during a divorce. Homes, real estate, and personal possessions are not the only things subject to division. Some other types of monetary assets and accounts that may be divided upon divorce:
- Retirement accounts
- 401K
- Family-owned business
- Social Security disability benefits
- Health insurance
- Pensions
- IRA
- Stocks and bonds
- Investment and bank accounts
- Gifts and inheritance
Marital debt is also subject to division. By dividing the debt accumulated by the two parties during the marriage, it removes the burden of one party carrying the debt and being treated unfairly. Our family law attorneys counsel clients on marital debt division and how it affects other aspects of the marital property division.
Sterling Law Office attorneys work to achieve fair, equitable divisions of marital property. By fairly dividing marital property, we help spouses navigate a separation without the anger, resentment, and impoverishment which can result from unjust divisions. Contact us today to schedule a meeting with a Sterling Law Office family law attorney at (231) 326-4010 or toll free at (877) 221-7628.
