If you file for divorce in Michigan, you may be faced with a host of issues to negotiate and include in your final divorce settlement. One of the most difficult may be that of dividing marital property. It can be exhausting and emotional trying to divide all of the property and assets that were accumulated during years of marriage. You may have grown attached to certain items and find it hard to part with them. Yet, not all property may be eligible for division in a divorce. There may be items that stay with you, even after the divorce is finalized.
There are different kinds of separate property, which remains in the possession of the original owner. For example, if you owned property prior to becoming married, and your name is the only name on the title, you may keep the entirety of the property even after the divorce. The key is that the property must remain in your name and cannot be combined with any marital property. Adjusting the title to include your spouse’s name may turn the property to marital and thus eligible for division in the divorce.
Separate property also includes inheritance money given to you before, during or after the divorce, as well as any gifts given to you by a third-party. Once again, if the money is combined with marital property or put in an account with your spouse’s name attached, it may become eligible for division in the divorce settlement.
This information is intended to educate and should not be taken as legal advice.