Taylor Asset Division Lawyer
Downriver Marital Property Attorney
When most people hear the words “fair and equitable” they think of divorce and marital property. Consequently, including assets, and debts being split 50-50. Although in Michigan, equitable and fair does not necessarily mean equal. As a result, the court can take into consideration several factors such as the length of the marriage, a contribution of spouses to the marital estate, age and health of the spouses. Also, each person’s earning abilities, and the former standard of living.
As your Taylor asset division attorney, John Danielski knows the law and knows that emotions run high when divorcing couples are considering their property and assets. So when John says, “I can’t protect your heart, but I can protect your rights,” his clients can be assured that he will vigorously represent them while resolving all your family law matters.
Dividing Businesses, Pension Plans, Real Estate
Consequently, all property of the spouses must be divided at the time of divorce. The first step is to determine marital and nonmarital property, which is defined by Michigan law as:
- Marital property: All items acquired during a marriage as well as separate items that were brought into a marriage and converted into marital property,
- Nonmarital property: Items that each spouse had before the marriage.
Asset Division Lawyer
Dividing property and assets and can include:
- Bank accounts (checking, savings, CDs)
- Real estate
- Cars, boats, recreational vehicles
- Life insurance
- Pension plans
- 401(k) plans
- Stock options
- Other equity
- Bonuses and commissions
- Tax refunds
The division of property also includes debt such as:
- Credit cards
- Car loans
- Loans — personal, equity and school
- IRS tax debt
Gifts that each spouse received during the marriage, including inheritance. This usually considered separate property if these items were not commingled or otherwise shared.
If the divorcing couple cannot agree on how to divide their property, a judge will decide. Since the law can be complicated, it is very important to have a lawyer from the Law Offices of John Danielski. So your wants and needs regarding property division represented in court.
Contact the Law Offices of John Danielski
The Law Offices of John Danielski is headquartered in Taylor, Michigan. The firm serves people living throughout Wayne, Monroe, Washtenaw, Macomb, and Oakland counties. Please contact us by filling out the form on this website. Also, feel free to call us at 734-284-9399 (local) or 866-249-3561 (toll-free) to set up a free initial consultation.