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Property Division Archives

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.

Warning flags that your spouse may be hiding marital property

If you and your spouse have chosen to separate and divorce, the last thing you may expect is that he or she is hiding marital property. However, here at The Law Offices of Lorrie J. Zahodnic, P.C., we know that such things happen, and this can leave you with less assets or money than what you are legally entitled to under Michigan’s equitable division law.

Dividing up airline miles during divorce

During a divorce in Michigan, it is standard to divide up property between the two parties. Most couples focus on money, investment portfolios, real estate, artwork and other traditional assets. However, many couples are finding that they have other assets that require division, such as airline miles. 

When your ex-spouse doesn’t obey the divorce decree

Although you and your spouse have the opportunity to present the outcomes you want in a Clinton Township divorce case, the final decree is at the judge’s discretion. Once you have received this order, both of you are required to fulfill your duties as laid out in this document, but a third party may not beoverseeing this process for you. At The Law Offices of Lorrie J. Zahodnic, P.C., we have provided advice to many people who have had to take steps to enforce their divorce decrees.

Beginning again: Rebuilding credit history after divorce

Divorce has a way of changing financial outlooks, and people in Michigan who are attempting to reevaluate the state of their budget may discover that things do not seem as rosy with one income as they did with two. Starting over often requires new housing, transportation and appliances, to name just a few of the expenses, but it may also involve building a new credit history, too.

Are you prepared to divide retirement benefits?

At any time of life, a Michigan divorce may present financial challenges, but as you near retirement age, special attention to certain details may be warranted. Even if you and your spouse are willing to come to an agreement over the details of the division of the marital property, a lack of information may lead to a mistake that impedes your well-being after retirement.

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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