By David R. Dawson | Published February 29, 2024 | Posted in Divorce | Tagged Tags: equitable distribution, marital home |
Who Keeps the Marital Home in a Divorce?
In Michigan, the division of marital property in a divorce is governed by the principle of equitable distribution. The goal is to achieve a fair and just settlement by giving consideration to all relevant circumstances. However, the marital home represents a particularly difficult asset to deal with. It is often the couple’s single most valuable Read More
Read More10 Common Misconceptions About Divorce in Michigan
Most people understand the basic concept of divorce as a legal dissolution of a marriage. There is certainly no shortage of news about high-profile divorces and their vivid details. But the average person, in Michigan as elsewhere, may still harbor certain misconceptions about the divorce process. If you’re contemplating the end of your marriage, it’s Read More
Read MorePet Custody: Who Keeps the Family Dog in a Divorce?
Deciding who gets to keep a beloved pet can be a very divisive issue in a divorce. As much as people treat pets like family member, Michigan law treats them as property. This means they are subject to the same laws that control division of other marital assets. However, courts have begun to consider noneconomic Read More
Read MoreWhen Can Separately Owned Assets Be Part of Equitable Distribution?
In many divorce cases, one of the major issues is how assets will be divided between the spouses — a process known as equitable distribution. There are two types of property to be considered in this regard: separate and marital. Separate property is any asset that one spouse owned prior to the marriage or acquired Read More
Read MoreProtecting Your Business When You Divorce
In a divorce, all property acquired by either spouse during the marriage is subject to equitable distribution. This may include a stake in a business that you own yourself or with partners. Regardless of how the ownership is titled, a court may treat your business interest as marital property, which means that your spouse may Read More
Read MoreDividing Business Interests in a Divorce
One of the most contentious issues in a divorce can be the division of marital assets — those deemed to be jointly owned by the spouses. If either spouse owns a share of a business, that share may be considered a marital asset that is subject to division. However, determining the identity and worth of Read More
Read MoreMarital Property in Michigan: Who Owns What After a Divorce?
In 2019, a Michigan appeals court affirmed an earlier court decision that a man who won $80 million in the lottery while going through a divorce owed half of the winnings to his ex-wife. Why? Although the couple had split up two years before the man purchased the lottery ticket, their divorce had not yet Read More
Read MoreIs Income From Separately Owned Property Considered Marital Property in a Michigan Divorce?
When ruling on property distribution during a divorce, Michigan courts must decide whether given assets are “marital” or “separate” in nature. Marital property is divided up as the court determines to be “equitable” based on a number of factors, With few exceptions, all property or income acquired by the spouses from their wedding day up Read More
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