Property Distribution Attorneys in Ypsilanti, Michigan
One of the most challenging parts of any divorce is untangling the life that a couple has built together. When each party feels entitled to a certain split of assets and their opinions differ, this topic can quickly lead to a contested and heated court battle. Michigan is an equitable distribution state. Equitable distribution is the just and fair allocation of assets. This does not always mean an equal split. Michigan courts often explore alternative dispute resolution to address property distribution as it saves the couple and the government a lot of time and money. When an agreement cannot be accomplished outside of court, the couple may have to let a judge decide the matter for them. If you are headed towards divorce and need a legal team you can count on, Collis & Griffor is ready to help you obtain a fair distribution of assets. To discuss your situation with an experienced attorney, contact Collis & Griffor today.
Types of Property
When a couple divorces, one of the most important topics that need to be addressed is the distribution of assets. Before assets can be divided, the couple will need to determine which of their property is marital and which of it is considered separate. Marital property is any of the assets or debt that was acquired during the marriage or separate property brought into the marriage and converted to marital property. Separate property, on the other hand, includes any assets or debt acquired before the marriage not converted to marital property or property agreed to stay separate during the marriage.
Equitable Distribution of Marital Property
Once the court establishes marital and separate property, it will assign a value to the property deemed marital. The court will consider many factors when equitably allocating the marital property, including:
- The length of the marriage
- The age and health of each spouse
- The contribution to the marital estate of each spouse
- The financial needs and circumstances of each spouse
- The earning ability of each spouse
If a divorcing couple has any shared debts, they will have to address how they will be paid. These marital debts often include a mortgage, car payments, credit card debt, and other loans. Many times, couples will be able to decide on their own how debts will be divided. In situations where they cannot come to an agreement, the court will have to decide on their behalf. The court will take into consideration how certain debts were incurred, such as spending marital funds on an extramarital affair. In cases like this, one spouse may be responsible for the entire debt. Of course, each situation is unique so it is important to discuss with an experienced divorce attorney.
Contact a Washtenaw County Equitable Distribution Attorney
At Collis & Griffor, we understand how emotional a divorce can be. When you are faced with the challenges associated with dividing your marital assets, it is important to have a legal team you can count on to help you get the outcome you are hoping for. With so much on the line, experience and skill count. Our law firm proudly represents clients throughout Washtenaw County with over 30 years of combined legal experience. Contact Collis & Griffor today to learn how we can help.