Deciding how property is classified and divided during a divorce proceeding can become a contentious matter. What one spouse believes to be their personal property that they can take with them at the end of the marriage may very well be classified as marital property, subject to division. Michigan family courts use case law and the unique facts governing each relationship to determine how property will be divided. Additionally, different types of property are handled differently in these situations.
There are also tax implications to consider with regard to the division of property (which also includes spousal support, formerly known as alimony). All of this can be made more complicated if there are more items or assets to distribute amongst the parties. If there is a complex marital estate (which is typical in a high-asset divorce), more work will be done in order to divide the property fairly, given the circumstances of the parties. For these and other considerations regarding divorce claims, it is of the utmost importance that you consult with an experienced Michigan divorce lawyer who can guide you through the process.
With our years of experience handling family law matters, including divorce and the issues arising out of them, we have highlighted a number of things to consider regarding property division. Visit each page below for additional insight.