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Posts tagged "Property Division"

Who gets the artwork in a divorce?

Among the many other contentious battles over property post-divorce, divvying up artwork is often the most challenging. Whether you’re a collector or an artist yourself, your former spouse may pursue some of your pieces, either for ownership or sale value. In this case, the Art Law Journal explains how artwork is divided up and how to value it for asset division.

Protecting one's small business from property division

No one goes into a marriage in Clinton Township expecting that it is ever going to end. Statistics, however, seem to undermine the confidence of those who scoff at the potential of ever getting a divorce. Information shared by the Michigan Department of Health and Human Services shows that as recently as 2016, 28,916 couples sought divorce in the state. Yet even when faced with such statistics, many approaching marriage do not even want to consider a prenuptial agreement. Avoiding creating such an agreement can be damaging, especially for small business owners. 

Who gets the pets in a divorce?

One thing many Michigan couples fail to consider when undergoing a divorce is who gets the pets. Among the numerous other difficult considerations this can be the most challenging. There are steps you can take to mitigate the issue however, which will also ensure that your animals continue to be well-cared for. PetMD explains how to handle pet custody during a divorce.  

Challenging your prenuptial agreement

Many in Clinton Township may see signing a prenuptial agreement as a prudent decision that could end up protecting both parties to a marriage. Such reasoning no doubt contributed to why you may have signed one. Yet if you are now preparing for a divorce, you could be second-guessing that decision (or even questioning your soon-to-be ex-spouse's motives in having you sign one in the first place). Many come to us here at The Law Offices of Lorrie J. Zahodnic, P.C. with the same concerns, wondering if there is a way for them to challenge such agreements. 

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? 

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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