Michigan Property Division Lawyer
Depending on the nature of your assets, property division can be complicated. Michigan law requires property division to be equitable and fair. You need a strong advocate to clarify and assert what portion you should be entitled to.
The court evaluates a number of factors to determine how to distribute the property, including the length of the marriage, each spouse's contribution to the marriage and other factors.
At the Law Office of Julian J. Poota, PLLC, we help you understand the equitable distribution process in your Michigan case. Resolving property disputes amicably, through mediation or negotiation, can help you maintain control over the division of your property. We can navigate through this process. However, if litigation becomes necessary, our divorce attorney will stand up for your property rights in court.
The Property Division Process
There are two steps to determining the division of property in your divorce. First, we must determine what property is marital and what property is nonmarital. Generally, marital property includes property acquired during the marriage, or acquired as a result of efforts during the marriage, excluding gifted property, inherited property, and passive appreciation of separate property.
Next, we will need to value your marital property, particularly in cases involving complex, high-value assets.
We can help you determine the value of your marital property such as:
- Business interests:
Ownership interests in small businesses or closely held corporations have a value and that value is divided in divorce. If necessary, we work with business valuation experts to assess the value of these interests.
It is not just what you own, but also what you owe that is divided in divorce. This includes mortgages, credit card debts and personal loans.
- Retirement accounts:
There are special rules governing the division of retirement accounts in a divorce. Whether you have a 401(k) or a military pension, we can help you value your retirement assets.
- Real property:
We work with appraisers and other valuation experts to determine the value of houses and investment properties.
- Personal property:
From vehicles to art collections, we investigate and evaluate the value of your personal property.