If you do not have a complex portfolio, multiple accounts or real estate, you may believe that the property division in your Michigan divorce will be straightforward. You may even decide that you and your spouse can sit down together and come to a reasonable agreement that allows you to file an uncontested divorce. At the Law Office of Lorrie J. Zahodnic, we agree that cooperating to avoid litigation is definitely a worthwhile goal that could save money. However, accidentally failing to include some specifics could lead to issues after the final decree.
According to Forbes Magazine, some items that must be divided in a divorce have sentimental value that is disproportionate to the actual financial value, such as family albums, photographs and other similar memorabilia that has not been converted to digital format. However, making copies or digitizing them all may be quite costly, making this an important part of the divorce settlement discussion.
Another purchase you may have made during your marriage is a burial plan. Plots or vaults in cemeteries can be pricy, and both of you may agree that you would like to come up with new arrangements, anyway, so selling these and dividing the cash may be a simple solution.
If you or your spouse has made a loan to someone during the marriage, the amount owed and any interest expected are marital assets. Therefore, when it is repaid, each of you would be entitled to part of the payment, so you may want to discuss how the money will be divided between you. Our page on divorce can provide you with more information on property division.