If you are divorcing, you should speak to an attorney who can serve as your legal advisor and advocate. A property division lawyer at our firm could help make the process of identifying, valuing, and dividing property much simpler.

Marital vs Separate Property

The first step in dividing property involves identifying which property belongs to either individual and which belongs to the marital estate. Only marital assets – or those acquired after marriage – are subject to division during divorce. Any property that the parties owned prior to marriage will remain separate from the marital estate.

However, if a person owned a property before marriage but commingled it with their marital assets, it may be considered marital property subject to equitable division. Inheritance and gifts are also separate property, unless they are commingled with jointly owned property. Because of these exceptions to what may be considered separate property, is important to have an experienced Oakland and Macomb County attorney when engaging in the asset division process.

Equitable Distribution of Property

Courts are not obligated to divide property evenly during a couple’s divorce and instead must divide assets equitably. However, equitable can mean different things in different cases, and judges have great discretion when determining how to divide a couple’s marital assets.

For instance, if one of the spouses has significant earning power and the other does not, the court may grant more property to the lesser earning individual to offset their post-divorce financial needs. This can also be accomplished with spousal support if one spouse does not want to give up certain pieces of property.

Another important factor in dividing property equitably is the value of a couple’s assets. Attorneys may need to figure out the value of the marital home, shared vehicles, retirement and bank accounts, and other assets to decide which items they will need to offset with other pieces of property. To do this, our team may work with appraisal experts and forensic financial analysts to get the most accurate valuations possible.

In cases where an asset cannot be equitably distributed between parties, the only option might be to sell the property and divide the proceeds. Because all these factors can play such major roles in a couple’s asset division, it is crucial to work with an attorney experienced in negotiating property division in local courts.

Contact our Property Division Attorneys Today

If you are preparing to divorce or are already engaged in the marriage dissolution process, let one of our diligent team members help you address how to divide your marital assets. With the help of an attorney, you might be able to negotiate an advantageous agreement without wasting time, money, and stress on a litigated divorce. Get in touch with one of our property division lawyers to discuss your financial concerns with a professional.