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Posts tagged "Property division"

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.

Michigan's new take on divorce assets

No matter how spouses approach divorce, the legal process that ensues could become complex. Common issues that Michigan residents encounter when going through with divorce are those concerning financial affairs. Although Michigan is a state that handles economic aspects of divorce carefully, cases do not always result in balance between those involved.

What should I include in my divorce inventory?

At the outset of your Michigan divorce, you probably began assessing the sources of income that you and your spouse have in preparation for the division of your marital property. However, when you are filling out the inventory of your assets, it is a good idea to dig a little deeper. After all, not all of these are monetary. At this point, it is time to think about the actual financial value and the personal value of many of the things you own.

Before you leave the workforce: postnuptial agreements

Leaving the Michigan workforce to raise your child can be immensely rewarding, but it may also be a decision you and your spouse do not take lightly. The effects this move makes on current financial status, retirement accounts and future earning potential may be long-lasting. At The Law Office of Lorrie J. Zahodnic, P.C., our team understands that these types of decisions can change the balance of marital relationships if not dealt with carefully.

Is your inheritance still separate property?

You know that your mother never intended for you to sell the Michigan home she left to you so you could divide the proceeds with your spouse in the divorce. However, when you start doing the inventory required for the property division process, you may wonder whether it legally counts as marital property. If so, your spouse is entitled to an equitable portion in the divorce agreement. If you have successfully kept it separate from your marital assets, it is not subject to division.

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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