It can be tough for Michigan couples to divide property and assets during a divorce. The right information is key in this case, as being informed will prevent you from making time-consuming and costly mistakes. Live About explains some things that all divorcing couples should know when it comes to dividing assets.
Honesty is the best policy
Hidden marital assets usually don’t remain that way. In fact, this is one of the first things attorneys will look for when a divorce is initiated. If you have undisclosed assets now is the time to make them known. If they are discovered, they will be up for grabs. Also, you could face a penalty for withholding information from the court while under oath.
Be willing to compromise
Divvying up items with sentimental value will be hard for you and your ex. However, you don’t want to let emotional attachments stand in the way of common sense. Being flexible will prevent protracted court battles from occurring. Not only will this save you stress, it will also save you money on court costs. When you can, work with your ex to come to terms these issues and make sure you’re not escalating simple matters into overly complex ones.
Read up on state laws
While your legal team will possess the necessary knowledge of laws in your state, it doesn’t hurt to do some research on your own. This knowledge can benefit you when in negotiations, and may even give you an advantage over your ex. For instance, in Michigan property is dispersed via equitable distribution laws. This means that marital assets will be divvied up fairly but not necessarily equally; i.e. they won’t be divided into 50/50 shares for each party.