Property division can be difficult to navigate during the divorce process. It can be challenging for a divorcing couple to divide up their life together, including their home, property and assets. For that reason, it can be useful for them to be familiar with some tips to help them navigate the property division process during divorce.
Work together to reach an agreement
Both divorcing spouses will benefit by reaching a property division settlement agreement themselves rather than having to add time and expense resolving property division disputes.
Be fair, open and honest
As much as possible, the divorcing couple should work together and approach their property division settlement agreement with openness and fairness. They should not attempt to conceal assets and should disclose all property and assets during the property division process.
Be familiar with marital versus separate property
Michigan is an equitable property state so property division is guided by what is fair and equitable between the divorcing couple. There are two categories of property including separate property and marital property but only marital property is divided during the divorce process. Property owned prior to the marriage or inherited during the marriage is not subject to the divorce process.
Divorce and property division can be an emotional process but by understanding the process and working together, divorcing couples can reach a property division agreement together. To do that, tips to help them navigate the property division process can be beneficial.