Couples who divorce are required to go through a number of processes that separate their lives from one another. This includes the division of their assets. When facing these situations, spouses often wonder what assets they are entitled to receive once the proceedings are final. No one wants to lose assets that have become valuable over time, whether they may be physical or financial. It is because of this that spouses going through a divorce should contact an experienced Michigan divorce attorney to learn more.
What is Litigation?
When spouses cannot reach an agreement regarding the future of their marital issues, it is known as a contested divorce. This often leads to litigation, which is when the court can make these decisions on behalf of the couple. During this time, it is important to know that the couple’s assets will be subject to equitable distribution. While many believe this is an equal split of the assets, it means the assets will be divided fairly between both spouses.
In order for a judge to decide which assets go to which spouse, they will consider various aspects of the marriage and each individual. This can include the length of the marriage, both spouses’ financial situations, if the two have children together, and more. For example, a financially dependent spouse may receive a larger portion of assets than an independent spouse so that they may remain stable. The court will also factor in if one spouse owes alimony or child support payments to the other. Litigation often leaves spouses unsatisfied, as they rarely ever receive the assets they would have liked to.
What Assets are Subject to Equitable Distribution?
When people acquire cherished assets over time, they are usually not okay with giving them up. This is especially so when spouses are in a contested divorce. When assets are divided fairly by the court, the judge determines what is marital property and what is separate property. Assets that are acquired during the marriage are considered marital property while assets that were acquired before they are considered separate property. This can include belongings such as real estate, automobiles, bank accounts, etc. In the event that a couple runs a business together, they need to determine the future of that as well.
Contact our Firm
Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis & Griffor today to schedule a consultation.