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Dividing debt during a divorce can be as challenging as separating assets, and it requires a clear understanding of state laws, the nature of the debt and each spouse’s financial situation.
Splitting equity in a divorce can be tough, both emotionally and financially. Whether you decide to sell the house, buy out the other party, or agree to own it together, each option comes with a ...
The Uniform Marriage and Divorce Act §307 (UMDA §307) [3] also allows for the equitable distribution of property and lists factors the court should consider, e.g. "the duration of the marriage, and prior marriage of either party, antenuptial agreement of the parties [which is the same as a prenuptial agreement or premarital agreement], the ...
A divorce settlement entails which spouse gets what property and what responsibilities once the marriage is over. "It deals with child custody and visitation, child support, alimony, health and life insurance, real estate, cars, household items, bank accounts, debts, investments, retirement plans and pensions, college tuition for children, and other items of value, such as frequent flyer miles ...
“You want to try to minimize any tax disparities between the parties post-divorce with respect to the assets.” Friedman again gives the example of the $1 million house versus $1 million in cash.
Bifurcation is a judge's ability in law to divide a trial into two parts so as to render a judgment on a set of legal issues without looking at all aspects. Frequently, civil cases are bifurcated into separate liability and damages proceedings. [1] Criminal trials are also often bifurcated into guilt and sentencing phases, especially in capital ...
Here are seven avoidable mistakes when it comes to splitting assets as part of a divorce. 1. Keeping the marital home when it’s not financially feasible.
The West publication is Michigan Compiled Laws Annotated (MCLA); the LexisNexis version is the Michigan Compiled Laws Service (MCLS). Until the year 2000, an alternate codification known as the Michigan Statutes Annotated (MSA), which differed from the MCL in both its organization and numbering system, was also in use. Until the discontinuation ...