We Work To Protect Your Fair Share
Property division is not fun or simple. Often spouses object to sharing assets they’ve worked years to acquire. There may be sentimental attachments to certain property, disputes about value and all the emotions and resentments of divorce. If you are concerned about protecting what’s yours, you’re not alone.
At Jackman & Kasody PLLC, our lawyers have over 60 years of combined legal experience and understand how to tailor settlements to the specific needs of our clients. Moreover, we are accessible and responsive, and we are ready to answer your questions about property division in Michigan and your marital estate.
Dividing Marital Property In Michigan
Like most other states, a Michigan divorce requires an equitable distribution in property division. With this method, marital property is not necessarily split straight down the middle; rather, it gets divided in a manner deemed fair to each spouse. An equitable settlement is determined by a variety of factors including:
- Each spouse’s current financial needs
- Each spouse’s earning capability
- Each spouse’s financial and domestic contributions
- Each spouse’s role in the marriage’s breakdown
In some divorces, property division is relatively straightforward. In high-asset divorces, the process becomes more complex. In addition to the typical assets in play, couples may be splitting assets like stock options and businesses. Hidden assets may also come into play. Our firm handles the full spectrum from uncontested divorces with few assets to high net worth couples who have large and diversified assets.
Understanding Separate Property
Any assets you owned before getting married generally count as separate property, as do any other assets you inherited. These assets are off-limits during property division unless they became commingled with marital property. Our attorneys can identify which assets are and are not subject to divorce.
What About My Retirement Funds?
You will split the value of your retirement savings acquired during marriage, even if one spouse was the sole or primary contributor to those accounts. Not all retirement accounts get divided in the same manner, though. Some individuals also choose to forfeit other marital assets to keep the full value of their retirement accounts intact.
Jackman & Kasody Will Help You Protect Your Assets
It’s natural to feel protective about what you’ve earned or to worry about getting your fair share of the marital pie. Our seasoned divorce attorneys can help. Schedule a free consultation by calling 248-220-6963 or completing our online contact form.