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Michigan's new take on divorce assets

No matter how spouses approach divorce, the legal process that ensues could become complex. Common issues that Michigan residents encounter when going through with divorce are those concerning financial affairs. Although Michigan is a state that handles economic aspects of divorce carefully, cases do not always result in balance between those involved.

What should I include in my divorce inventory?

At the outset of your Michigan divorce, you probably began assessing the sources of income that you and your spouse have in preparation for the division of your marital property. However, when you are filling out the inventory of your assets, it is a good idea to dig a little deeper. After all, not all of these are monetary. At this point, it is time to think about the actual financial value and the personal value of many of the things you own.

Before you leave the workforce: postnuptial agreements

Leaving the Michigan workforce to raise your child can be immensely rewarding, but it may also be a decision you and your spouse do not take lightly. The effects this move makes on current financial status, retirement accounts and future earning potential may be long-lasting. At The Law Office of Lorrie J. Zahodnic, P.C., our team understands that these types of decisions can change the balance of marital relationships if not dealt with carefully.

Is your inheritance still separate property?

You know that your mother never intended for you to sell the Michigan home she left to you so you could divide the proceeds with your spouse in the divorce. However, when you start doing the inventory required for the property division process, you may wonder whether it legally counts as marital property. If so, your spouse is entitled to an equitable portion in the divorce agreement. If you have successfully kept it separate from your marital assets, it is not subject to division.

How is real estate divided in a Michigan divorce?

If you own land, including buildings or anything else that is attached to the land, it is considered real estate by Michigan law, and will probably be subject to division in your divorce settlement. According to MichiganLegalHelp.org, the deciding factor for dividing real estate is not whether your name is on the title or the mortgage, but whether it was purchased or improved using marital assets. If not, it may be separate property, in which case it would not part of the division process. Otherwise, it is divided equitably.

Dividing valuable personal property

Not only do your art and your family heirlooms come with an emotional value, they also may have a considerable financial value, as well. During your Michigan divorce, it may be tempting to get into a dispute with your spouse over how they will be divided. At The Law Office of Lorrie J. Zahodnic, P.C., our team has worked with many couples to come to a fair settlement for the division of joint personal property.

Separate property: What it is and how to keep it

Assets in Michigan come in all shapes and sizes, and while it is important to be open and honest about your finances with your spouse, that does not mean you have to put everything into a shared account. However, if you do not take the proper measures, you could still be converting your personal property into a marital asset. We at The Law Office of Lorrie J. Zahodnic, P.C., have often provided advice and assistance to people who do not want to commingle their assets with their spouse’s.

What do your tax schedules say about your marital property?

Regardless of how your spouse is trying to hide assets during your Michigan divorce, it is absolutely essential that you uncover them so that the distribution of your marital property is truly fair. One way to find them, according to Forbes magazine, is by examining your joint tax returns.

Dissipation of assets and your financial future

If you have been used to a comfortable standard of living during your marriage in Michigan, but now you are facing divorce, you may wonder how much of your current financial situation will carry over into your future as a single person. This will largely be determined by the court during the division of assets, which will be equitable based on the judge’s ruling rather than fifty-fifty. The team at The Law Office of Lorrie J. Zahodnic, P.C., has helped many people whose spouses have dissipated assets as a way to deprive them of their rights.

Separate checking accounts could improve your divorce

Financial discussions before and during a Michigan marriage are crucial to the health of the relationship. According to Bankrate.com, they may also affect the health of a divorce. Even though the couple may have shared a joint bank account while they were together, once they have decided to separate, the potential for conflict may be lessened if they each have their own.

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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