FINANCIAL ADVANTAGE FOR MARITAL PROPERTY DIVISION

Financial Advantage
for Marital Property Division in Farmington Hills MI

Michigan is an equitable distribution jurisdiction for the division of marital property. This means that there are no
 rigid formulas and the court must use its discretion to make a property division that is equitable.
Michigan is an equitable distribution jurisdiction for the division of marital property. This means that there are no rigid formulas and the court must use its discretion to make a property division that is equitable.

Family Law Attorney representing clients in Oakland, Macomb, Wayne, Livingston, Monroe, Genesee, and St. Clair counties. Consultations are available by appointment.

Marital property vs. Separate property

Attorneys have broad powers to discover all property of the marriage. However, a property can be divided into two categories: marital property and separate property. This is a complicated area of the law and you need a seasoned attorney that specializes in divorce and family law. 

Marital property may include real property, personal property, family business, income, investment accounts, retirement plans and retirement benefits that were acquired during the marriage and any other property, in whatever form acquired during the marriage.

Separate property is a property that a party owned prior to the marriage, gifts, inheritances or property described in a prenuptial agreement. Separate property may become marital property if it was brought into the marital estate by commingling, transferring title or through active participation.

Common Problems Associated with Property Distribution

Divorce litigation is highly emotional. These feelings mask financial concerns. We believe to take back control of your life you must have a complete understanding of your marital and separate property. It is equally true regarding knowing your bills, expenses and your complete family economy. Traditional attorneys focus on the client’s emotions by trying to keep them happy or promise the client their desires. We believe to serve the client’s best interest we must focus on a financial plan. We have a team of financial experts to help you develop a strategic plan designed to help you make objective decisions with less emotion. We believe highly charged negative emotions that typically exist during a divorce are the enemy.  

What Factors Are Considered When Distributing Marital Property?

The court may consider the following factors when distributing marital property:
  • The length of the marriage;
  • The age of the parties;
  • The health of the parties;
  • The life status of the parties;
  • The necessities and circumstances of the parties;
  • The earning ability of the parties;
  • The contributions of the parties to the marital estate;
  • The source of the property;
  • The cause of the divorce, including fault in the breakdown of the marriage; and
  • Any other relevant factor the court deems necessary.

What About Family Businesses?

The family business may be an important part of the marital estate. Our team of financial experts will provide you with a winning edge.

How Are Retirement Plans & Benefits Handled?

Retirement plans and retirement benefits that are acquired during the marriage are an important part of the marital estate. These retirement assets need to be divided equitably in the judgment of divorce. Once divided in the judgment of divorce these retirement assets need to be distributed through a Qualified Domestic Relations Order (QDRO) or an Eligible Domestic Relations Order (EDRO). If these QDROs or EDROs are not properly entered with the court and approved by the plan administrators, you may not receive the retirement assets. We go beyond helping you divide your retirement property by providing financial information key to your retirement future.

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