When a couple in the Clinton Township area decides to end their marriage that means that inevitably they will have to determine how to divide their assets and property. Unfortunately this task can be very difficult and often it turns very contentious.
A couple’s property typically falls into two categories: marital property and separate property. According to MichiganLegalHelp.org, anything that is acquired or purchased by a couple while they are married falls into the marital property category.
Some of the common items that are generally considered marital property are the couple’s home if it was purchased together, vehicles and any secondary real estate or homes. However, there are many other things like, home furnishings, clothes, jewelry, electronic equipment, computers, and any other items acquired together, that are considered marital property.
On the other hand, there are many things that do not count as marital property. For example, according to Forbes, if one spouse already acquired a piece of property before the marriage, then that spouse is entitled to keep that property, because it is considered separate property. Separate property is usually not divided unless it becomes marital property after the marriage takes place, such as combining a single bank account into a joint account.
Determining the difference between marital and separate property can be a tedious task. However, after that has been determined, dividing the marital property is often the most difficult part of any divorce settlement. It takes great patience and understanding by both of the parties involved in order to reach a satisfactory agreement for everyone.