You and your spouse likely own property together — like a house, cars, and furniture. Any property that you and your spouse own together is called marital property. In addition, you both may also have joint debts like a mortgage, car loans, credit card debt, and personal loans. Any debt that you are both responsible for is called marital debt.
Dividing your property and debt is an integral part of our divorce. We will explain everything you need to know about post-separation asset division laws in Michigan.
In a divorce, a judge will decide what happens to your marital property if you can’t agree on how to divide your property. Michigan law requires judges to divide property fairly between both parties, which usually means that each person gets about half of everything. But in certain instances, a judge could decide it’s fair to divide marital property differently.
If one person is more at fault for the marriage ending or if one person needs more property, your assets may be divided unequally. Sometimes one person gets more marital property but also takes on more marital debt.
Each spouse is responsible for their portion of the marital debt when it comes to dividing assets. This usually means that each spouse has to pay about half of the total debt — though a budget could decide that it is fair to divide debt differently.
There are several situations where an unequal division of debt could happen, including:
Sometimes, one spouse takes on more debt and gets more property.
Dividing your property and debt can be expensive, especially when lawyers, mediation, and court hearings are involved. If your assets and debts are straightforward, you and your spouse can try to work out your own property settlement, which will help keep costs low.
If you decide to negotiate things cordially, sit down together, make a list of all your property and debts, and then agree on how to divide them. A judge will review your settlement to ensure it’s fair but will usually approve if both parties agree.
And if you can’t negotiate safely or if your assets and debts are complicated, you may want to speak with a lawyer. A lawyer can help you understand the expectations for your court case and explain the factors a judge considers when dividing assets, including:
At Anne N. Pastrana PLLC, we have the experience to handle both simple and complex post-separation asset division. We also understand that divorces can be emotional, stressful, and confusing. Our goal is to draft your document as accurately as possible and get it to you quickly so that you can complete the divorce process and move on with your life. Unlike some divorce attorneys, we do not charge a premium for fast delivery. Our rates are reasonable, and all our clients enjoy the same level of attention.
If you need legal divorce services, contact Anne N. Pastrana PLLC today.
