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When a couple gets divorced, one of the most common questions is something along the lines of, “Who gets to keep the house?” which then opens the door to a wide array of other questions concerning finances and property distribution in a divorce. Our legal team has extensive experience handling property distribution matters in Michigan, and we are prepared to put that experience to work for you as well. Contact a seasoned Oakland County property distribution lawyer from Alan B. Cooper & Associates, PLLC today so we can get started working on protecting your hard-earned assets.
Property distribution is often a contentious divorce-related issue, and understandably so; no one wants to relinquish the assets that they believe they’re entitled to. This is why you need a competent Farmington Hills divorce lawyer in your corner who can effectively fight for your best interests.
When a couple gets divorced in Michigan, their property will be classified either as marital property or separate property. Marital property includes any property acquired by either spouse during the course of their marriage. Some examples of marital property can include the couple’s house, other real estate the couple shares, assets held in bank accounts, debt accrued by either spouse over the course of the marriage, retirement plans, and more. Marital property is subject to equitable distribution in a divorce. Separate property, on the other hand, is property accrued by either spouse either before the marriage or outside of the marriage, such as a gift from a friend or relative. Separate property is generally exempt from equitable distribution in a divorce.
The state of Michigan recognizes the legal doctrine known as equitable distribution. Essentially, this means that when a couple that does not have a prenuptial or postnuptial agreement in place gets divorced, courts will assess their marital property and split it “equitably” between spouses. Importantly, “equitably” does not necessarily mean “equally.” Instead, “equitable” means something more along the lines of what the court determines to be a fair and just distribution of your assets. A competent property distribution lawyer can advocate for your best interests and work to ensure you keep the property you need.
Courts will consider a variety of factors when determining how property will be split between spouses, including the following:
It’s important that you have a lawyer in your corner who can effectively argue your case and fight for the assets that are most important to you.
The legal team here at Alan B. Cooper & Associates, PLLC is dedicated to protecting your hard-earned assets. If you’re going through a divorce, please don’t hesitate to contact us today so we can get started building an effective strategy on your behalf.