Macomb County Property Division Lawyers
Complicated Property Division? Call Now for Help!
In divorce cases where the parties have acquired property and/or debts, equitable division of those assets must occur. If the parties have entered into a pre-nuptial or post-nuptial agreement, this process can often be greatly simplified. However, in the event that no such agreement exists, the first step in the property division process is determining what property is marital and what property is separate. As a general rule, marital property is divisible and separate property is not. Keep in mind that this is not a hard-and-fast rule, as there are situations where, in equity, the parties’ separate property can be divided in a divorce.
Marital property is typically defined as property or assets earned/accumulated during the marriage through the parties’ joint efforts. Outside of home furnishings and personal belongings, the following are typically considered to be marital property that is divisible in a divorce action:
- Earnings or replacements for earnings
- Workers' compensation awards
- Social Security Disability awards
- Cause-of-action and injury awards
- Stock options and stock plans
- Vacation and sick time
- Job seniority
- Undergraduate and professional degrees
- Dependency tax exemptions
- Retirement assets
- Retirement benefits
- Active appreciation on separate property
- Income traceable to separate property
- Property concealed or placed outside of the marital estate
In a divorce proceeding, dividing property can be the most complicated part of the entire case, because it often has an impact upon other aspects of your case. Thus, if you find you or someone you know is involved in a divorce or contemplating divorce, your first step should be to consult with an experienced family law attorney. Contact the law offices of Mihelich & Kavanaugh, PLC to schedule a free in-office consultation with one of our experienced family law attorneys. During your visit, an attorney will explain the process and develop a strategic plan as to how to proceed in your particular case. Call and schedule your appointment today, and get the honest and thoughtful advice that you deserve.