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Posts tagged "marital property"

Dealing with stock options during divorce

More and more employers in Michigan, and elsewhere, are offering their employees stock options. While this can be a potentially valuable asset for you and your family, it can make for a more complex asset division should you decide to divorce. At The Law Offices of Lorrie J. Zahodnic, P.C., we often consult with people who have stock options and are unsure how a divorce may affect them. In this post, we will discuss how these options may be handled during property division.

How are assets divided in Michigan divorces?

At the end of a marriage, hurt feelings and other emotions are often at play. As such, it can be difficult for divorcing spouses to effectively communicate with each other and negotiate settlements. This can make the division of property, which is often one of the most contentious aspects of a divorce, all the more complicated. In cases when Michigan couples cannot reach an agreement on their own, the decision typically falls to the courts if there is not a prenuptial agreement already in place.

Grey divorce can present high asset challenges

If you are considering a divorce later in life, you may be encouraged to find out that it’s not too late to start over. Many Baby Boomers in Clinton Township and elsewhere in the country are ending their marriages – much more than in years past, states an article from TIME magazine. Divorce later in life is known as a “grey divorce.” As divorce becomes more acceptable and accessible to people of all ages, seniors who may have lived for years in unhappy marriages are realizing they can move on. At The Law Offices of Lorrie J. Zahodnic, P.C., we have experience handling the unique challenges you may face in a grey divorce.

Helping people who are struggling with property division

When many people get married, they probably don't think about some of the future issues they may have to deal with if their marriage comes to an end. From child custody and support to property division, divorce can be very difficult. However, the division of property can be particularly stressful and emotional for those who are going through a divorce, especially if they aren't prepared. At the law offices of Lorrie J. Zahodnic, we work hard to help ensure that our clients in Clinton Township and other parts of Michigan receive their fair share of property after separating from their spouse.

What is the difference between marital and non-marital property?

As an equitable distribution state, Michigan divides marital property based on what is fair. A judge typically allocates property based on factors such as a spouse’s earning capacity and contributions toward the couple’s assets. According to state law, non-marital property is not subject to division.

Some may file for ex-spouse's Social Security benefits

Divorcing husbands and wives in Michigan have many issues to attend to. Property division, business division, spousal support and potentially child support are just some of the common areas about which settlements must be reached. Some topics involve assets and liabilities that are concrete today, like a house or car. Others, however, can involve assets more likely to affect a person’s future. Retirement accounts, pension fund and social security benefits are some such examples.

Marriages may suffer when economy grows

Many Michigan couples, like their counterparts in other states, are able to breathe a little easier as the country’s economy continues to improve and come out of the recent recession. For some, a family vacation is once again able to be planned or that new car can be purchased. Such things can help to improve the feeling that one has about life and stresses can begin to reduce in some areas. However, a good economy cannot protect people from every challenge that life can have. This includes the challenges associated with creating divorce settlements.

Decisions regarding pets can be difficult in a divorce

When facing a divorce, couples in Michigan have a seemingly endless list of issues with which to deal. From spousal support to property division, the range of topics is varied and complex. Within the realm of property division can fall many sub-topics as well. These can include a couple’s home, automobiles, vacation home, bank accounts, retirement accounts and even business assets. The need to determine what is marital property and what is non-marital property can also be a challenge at times and directly affect the ultimate settlement.

Defining marital property and debt in a divorce

Michigan is known as an equitable distribution state for the purposes of a divorce. This means that when dividing assets, the split does not need to be exactly even for both parties but needs only to be what is considered fair to both given the circumstances at hand. It is also important to remember that property division does not simply include assets but also liabilities. When determining which spouse will end up with what asset or what debt, the courts must also identify what is marital property and marital debt and what is separate property or separate debt.

Future worth of marital property can affect taxes

Michigan is one of 41 states in the country that follows the laws of equitable division for divorce purposes. Property division in Michigan does not have to be exactly equal but simply fair. Quite often, divorce settlements are both fair and equal in value but that is not a requirement of the law nor does it always happen. Whether a divorce includes simple property division or complex property division, there can be many challenges associated with such decisions.

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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