By David R. Dawson | Published June 22, 2022 | Posted in Divorce | Tagged Tags: equitable distribution, marital property, separate property |
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 MoreIn 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 MoreOne 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 MoreIn 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 MoreWhen 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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