When you married, you bought a house with a three-car garage to hold the 57 Chevy you and your dad rebuilt. You’ve taken it for a spin every so often, but it has sat there looking beautiful for the most part. Now that you’re getting divorced, you’re worried that your spouse might be able to claim part of that amazing car as hers. Don’t worry – after reading this, you’ll understand how assets are divided during divorce, and also get some tips on how to handle this peacefully.
What does dividing property and assets in a divorce entail?
Dividing assets in the divorce process entails listing all assets and debts and dividing them fairly, according to Michigan state law. Your assets are divided according to what is marital and what is separate. If you and your spouse don’t agree, a judge decides the division for you.
If you don’t agree but don’t want to go before a judge just yet, you could try a mediator. This could be an option that still gives you a degree of control, so you might be happier with the outcome.
Any Ways to Protect Assets Before a Divorce?
Dividing assets during a divorce involves labeling them as marital or separate. Marital assets are shared, like bank accounts, vehicles, or property. Separate assets belong to just one spouse, such as a car you owned before you were married that your spouse put no money into, or a gift or inheritance.
A marital asset gets divided fairly but a separate asset doesn’t. It remains the property of who it was given to, or who it belonged to before the marriage.
If you want to protect your assets, don’t mix them with your spouses. Whatever you put in joint accounts is considered marital. Also, if your spouse helps to care for something of yours through time or money, it could be considered marital, so be sure to keep accurate financial records. So be sure to know what you have and what it’s worth.
Tips to Keep the Peace
Divorce is stressful, but to keep from adding insult to injury, here are some tips for a more peaceful resolution.
Don’t hide assets. Besides being dishonest, this is illegal. Keep good records of what is yours and what was shared, and embrace that transparency is the best policy.
Compromise. Let it be known what property is meaningful to you, and honor what is important to your spouse, as much as is reasonable.
Make a list. Being organized helps to ease tension and confusion. Plus, it helps the process go faster.
You may not be friends, but you can find a peaceful way to divide your assets if you’re honest, open, and organized.
Related Questions
So, How is Property Divided in a Divorce in Michigan?
If you do not agree about how to divide your property, a judge divides it for you. It’s done fairly and considers the financial and physical needs of each spouse, as well as other factors.
Assets are divided in a fair and equitable way in Michigan, but that doesn’t mean it’s always 50/50. Other issues, such as income and custody of children, affect who gets what. But separate assets still belong to the spouse who originally owned them coming into the marriage.
Overview
You want to start your new life after your divorce on solid financial ground, and having your assets divided fairly helps that happen. Be sure to protect your separate assets by not mixing them with your marital ones. If you do this, and follow the tips for a peaceful dividing process, you set yourself up for a positive future.
Get Support and Guidance from a Divorce Attorney
To move forward with security and clarity, it’s critical to talk and hire an experienced divorce lawyer about you’re the divorce process so that you know what to expect and be able to make informed decisions about ending your marriage.
The divorce and family lawyers at Rappleye & Rappleye P.C. in Jackson are trusted throughout Michigan. Our 60 years of experience ensures you will receive the advice, guidance, and family law expertise to help you through the process while protecting your rights.
Questions on divorce or a family law issue? Our experienced divorce attorneys are standing by to help you with your case, beginning with a Free Consultation. Call today.