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Property Division Archives

Selling your marital home

While deciding to get a divorce might be the most difficult decision associated with the end of your marriage, it is by no means the only one. You and your soon-to-be ex-spouse must then determine how to deal with the assets and property you own together. If you are like most of the clients that we here at The Law Offices of Lorrie J. Zahodnic, P.C. work with, your most valuable marital asset is your home in Clinton Township. Contrary to popular belief, fighting to keep the house is not your only (and perhaps not even your best) option. 

What is a valuation date?

When you get divorced in Michigan, a large part of the process is dividing your assets. Part of this process involves figuring out the value of each asset. As each asset has its value determined, it gets a valuation date, which according to Forbes is the date upon which the value of the asset is defined.

Bitcoin can make divorce even more complicated

People have attempted to conceal money during divorces for decades in Michigan, but with the help of a lawyer, spouses can quickly uncover the assets. The recent rise in cryptocurrency, however, makes divorce even more convoluted. A person can hide their money by investing in bitcoin and leave behind little to no paper trail. 

Alimony, taxes and divorce settlements

Reaching an agreement on a final divorce settlement can be a major accomplishment for couples in Michigan. It is understandably a challenging thing to do given that two people who have likely identified a lack of ability to work together have to come to terms with how they will split up their shared lives. This touches the most emotional elements of their lives as well as the financial side of their lives. The tax implications of many decisions may contribute toward the final decisions made.

Equitable vs. equal

The end of a marriage in Clinton Township marks the beginning of the process of dividing assets between both sides. Many have come to us here at The Law Office of Lorrie J. Zahodnic, P.C. with several incorrect assumptions about property division. Unless you are familiar with family law, you likely share the same misperceptions. They typically all come down to the assumption that all property acquired during a marriage must be split equally. Yet that is not always the case. 

Could you be entitled to your ex-spouse's separate property?

The laws that govern the disposition of assets following your divorce in Clinton Township may seem fairly straightforward: Whatever you and your ex-spouse accumulated while together is marital property, while the rest is all separate. Marital property is typically divided equitably, while separate property will usually go whichever one of you bought or earned it. Yet are there instances where you could potentially be entitled to a portion of the proceeds that come in after your ex-spouse sells his or her separate property? 

Easing the burden of alimony payments

Separation at any point in a relationship can be difficult, but divorce contains its own set of legal challenges. The age-old struggles of keeping the house, battles over child support and disputes over other property prevail in Michigan, and many ex-spouses walk away disappointed in the results of a court hearing. It appears that many couples find tension within their interpretations of divorce altogether. 

Do you have to split your 401(k) in your divorce?

As you prepare for your divorce proceedings in Clinton Township, you are likely aware that you and your soon-to-be ex-spouse will need to split your marital assets between the two of you. What you may not be aware of is that many assets you (and many others) believe to be separate are, in fact, not. Chief among these is your 401(k). You may wonder why your 401(k) benefits (which are typically earned through your employer) would be considered marital property. After all, your spouse had no hand in earning them, right? 

Will Michigan courts uphold a premarital agreement?

When you and your spouse first decided to get married in Michigan, you had some concerns about the way the state divides marital property in a divorce. The two of you agreed that you would not be the primary wage earner, and you worried that in a divorce, you would not be treated fairly because of your decision.

When are trust assets left untouched in divorce?

You and your spouse will have to divide your assets equitably in your Michigan divorce, but there are some assets that may not be included in the process if they are in a trust. According to the American Bar Association, there are several circumstances where this may apply, and some where it will not.

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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