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Michigan law requires judges to divide property fairly. Fair usually means that each person gets about half of everything. But in some cases, a judge could decide it is fair to divide marital property in a different way.
Michigan divorce laws regarding division of assets classify property as either "marital" or "separate". Generally, marital property is subject to distribution while separate property isn't. When dividing property, the first thing courts need to determine is which one of those categories property items fall into.
In Michigan, all real and personal property acquired before a marriage, or property acquired during a marriage through an inheritance or gift is considered separate property. Separate property remains separate unless it is commingled during a marriage by depositing it into your joint bank account.
Michigan is an “equitable distribution” state, meaning property and assets are divided fairly, though not always equally, between spouses. The goal is to reach a fair settlement based on each spouse’s situation rather than simply splitting everything down the middle.
Whether a piece of real property is an asset or a debt, the judge will divide the value of it in your divorce. If the judge awards one spouse a piece of real property that is an asset, the other spouse may be given other property to balance that award.
Divorce issues impact how property and debt are divided, including the specific assets and liabilities involved. In a Michigan divorce, couples with many assets may wonder what to expect in a settlement.
In Michigan, separate property refers to assets that a person owns before getting married. It also includes any property received as a gift or inherited during the marriage. Inherited property and gifts are usually considered separate property and stay with the original owner in a divorce.
Marital property includes both assets and debts. Based on this theory, a judge will split the couple’s property 50-50 unless such a split would be inequitable or unfair.
Michigan divorce law recognizes two different types of property: Separate property and marital property. Understanding the difference and how separate property can become marital property is important to knowing how your assets will be divided in a Michigan divorce.
When a marriage ends in divorce, one of the most critical issues to address is property division. In Michigan, this process is based on the concept of 'equitable distribution,' which aims for a fair, though not necessarily equal, division of marital wealth. Understanding this principle is essential as it affects both shared and individual assets,