Family Law

Property And Debt Division

Once the fact that you are going through a divorce sinks in, some of your first questions will be: Who gets the house and who gets the car? What about those wedding gifts, or the wedding ring? Is the property that I had before we got married marital property? Who is responsible for our credit card debt? Who is going to be responsible for paying off our loans? What about our dog? What about my grandmother’s antiques and the art collection?

All of these questions boil down to the same idea: Who gets what? Your attorney at William Jackson will help you divide your property and debt through aggressive and skilled negotiations with your spouse and his/her attorney. The attorneys at William Jackson understand the challenges and complications that property and debt division can present and can help you through every step of the process.

What Counts as Marital Property?

Any property accumulated during the marriage – including homes, cars, debts and assets – is considered marital property, or property that belongs to both parties. In a divorce, how the marital property is divided between the parties must be determined through the process of property division. Surprisingly, Michigan law does not explicitly define marital property and Michigan is the only state that lacks a clear legal definition. At best, it can be said that according to Michigan law, property is subject to division if it falls under one of four categories:

Property whose acquisition, improvement or accumulation resulted from the contributions of the non-owning spouse (MCL 552.401)

Property necessary for the suitable support and maintenance of the non-owning spouse (MCL 552.23)

Property which shall have come to either party by reason of the marriage (MCL 552.19)

Vested retirement benefits earned during the marriage and unvested retirement benefits earned during the marriage where just and equitable (MCL552.18)

Typical examples of marital property include:

Bank, investment and brokerage accounts

Pensions, retirement plans, and profit sharing plans

Homes, including vacation homes and time shares

Vehicles, Boats, Trailers, Jet Skis, ATV’s

Household furniture and furnishings

Stocks, bonds, stock options, mutual funds

Business and partnership interests

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