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Dividing real property: Don’t forget the mineral rights

Couples may believe that a happy marriage requires more than financial stability and possessions. However, leaving a marriage that includes these things in substantial amounts may be difficult, since it typically involves more complex processes to identify, value and equally divide these assets. So, as MichiganLegalHelp.org explains, dividing Michigan real estate and other assets often requires outside assistance, even when a couple wants to work things out amicably.

Most people may think of the family home or a vacation house when they think about the real property that was acquired during the marriage. Unless a property was acquired before the marriage or inherited and kept separate, all the couple’s real estate assets will be valuated so a fair division between the spouses may be more easily reached. While real property does include the land itself and the buildings on it, it also includes other assets that are physically attached to the land.

According to SFGate.com, minerals such as coal, ore or other natural resources are also considered real property. Ownership of mineral rights is typically included in the ownership of the land, and should be valuated before any agreements are reached. Royalty amounts at the time of extraction may affect the value of the mineral, as well as the type of extraction operation needed and the mineral’s rate of recoverability. To identify the mineral deposits, where they are located in the ground and how concentrated they are, geologists may investigate the property and create a report with the projected value. 

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Lorrie J. Zahodnic

"I will hold you up until you can stand on your own two feet."

Lorrie J. Zahodnic, P.C. has provided skilled and compassionate legal guidance to Michiganders in family law matters for over 20 years.

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