By David R. Dawson | Published March 15, 2023 | Posted in Divorce | Tagged Tags: marital property, professional practice |
Dividing a Professional Practice as an Asset in Divorce
When a married couple divorces, dividing the assets can be difficult and contentious. Property division can be further complicated when one spouse owns a business, especially if it is a type of professional practice. During a divorce, the family court judge is required to divide all marital property in a way that is fair, just Read More
Read MoreAlternatives to Selling the Marital Home
During a divorce where property is being divided, certain assets may be challenging for the spouses to parcel out. This is particularly true for the marital home. In addition to having sentimental value and being a nurturing place for children, the family home is often a couple’s largest single asset. Although Michigan law includes the 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 MoreWhat Happens to Your Inheritance When You Divorce?
During the course of your marriage, you may have suffered the loss of a parent or other family member and received an inheritance. Under Michigan law, an inheritance is normally considered the individual property of the spouse whose relative died. This is an exception to the general rule that any asset acquired by either spouse Read More
Read MoreHow Divorce Can Affect Michigan Estate Planning
When a marriage doesn’t last until “death do us part,” the spouse’s estate plans will likely need updating. Property division, alimony and child support orders during a divorce can leave each spouse with a substantially different financial position than existed during the marriage. A divorcing person may also have a change of heart about who Read More
Read MoreFinding Hidden Assets in a Michigan Divorce
It is crucial to obtain full disclosure of your spouse’s assets if you hope for a fair court order regarding alimony and property division during a divorce. Though Michigan law requires both spouses to reveal all of their assets and liabilities, some people still try to skirt the law in the hope that it will Read More
Read MoreHow Social Media and Texting Can Affect Michigan Divorce Cases
Emotions tend to run high during a divorce, but it’s best to think twice before you take to social media to vent your frustrations or send a text fueled by anger. A rant written in the heat of the moment could have long-term consequences for you and your family. Social media posts and text messages 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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