Facing an imminent divorce means dealing with uncertainty about your future. From not knowing how much time you get to spend with your children to not knowing where you’ll be living, divorce can leave you in a state of confusing limbo.
Although it may not be possible to perfectly predict the outcome of property division in a pending Michigan divorce, you can familiarize yourself with state laws and try to understand their implications for your assets and debts during a divorce.
Michigan applies the equitable division standard to marital property
A Michigan judge overseeing in divorce has to look carefully at the family circumstances before trying to find a way to split up both assets and debts that will be fair to both spouses. In equitable division, all marital assets and debts are potentially subject to division at the discretion of the judge involved.
Is any of your property protected from division in divorce?
People often want the security that comes from having a nest egg they can depend on when making major life changes. Knowing that certain assets will remain your separate property in the divorce can give you a feeling of better stability and security.
Separate property generally includes assets that you owned prior to marriage and any inheritance that you received. Additionally, if you and your spouse signed a prenuptial or postnuptial agreement, you may have certain other assets specifically earmarked as your separate property.
Barring your separate property, everything else acquired or earned during marriage will be subject to division as part of your divorce proceedings.
