A vital step which has to be undertaken after a divorce is the division of the assets. Both individuals need to realize they can’t walk away with 100% of what they owned while they were married. In most cases, the marital property is divided 50/50 between the two spouses.
Michigan follows the rules of equitable distribution which means that the assets will most probably be divided as equally as possible. It is possible for courts to offer a disproportionate in very extreme cases. For instance, if one spouse contributed a lot more to accumulate the assets they may be eligible for more than 50%. However, this is not always the case. If one of the spouses was unable to contribute financially because of their household responsibilities they may even be eligible for more than 50% because of their loss of job opportunities due to dedication to the marriage.
On the other hand, if one spouse committed adultery or some other abominable offense, then they may be eligible for less than 50%.
Will my separately owned property be distributed during the divorce?
In most cases, the separately owned property of a person will remain theirs. However, if a person’s property appreciated over the years then their spouse will most likely be given a share of the appreciation value. Judges will be more likely to split the appreciation value if the other spouse contributed physical labor to help improve the value of the property.
In order to ensure that a person gets a fair amount, they should get in touch with a divorce lawyer in Eaton County, MI. A divorce lawyer will be able to help a person fight their case and present their argument in court in an effective manner.
When a person is going through a divorce they are generally very drained and unable to keep up with their emotions. The absolute last thing they need is to have to deal with the legalities of everything. At the moment, a person may be so depressed and they may be struggling emotionally to that extent that they are willing to give up their share of the assets and finances just to avoid the fight and the legal battle. However, no one should have to give up assets which rightfully belong to them.
After the divorce it will already be difficult to accommodate to the new lifestyle, financial worries should not be added on to the stress a person is already experiencing. A lawyer who specializes in dealing with asset divisions during divorce can give a person the support and strength they need to fight for their share so they do not end up regretting it later on down the road.
If children are involved in the separation then it is even more recommended to request the assistance of a legal expert in order to help the two parties decide how the accommodations for each child will be arranged