The division of property after a divorce is one of the things that a court decides during the divorce process in Michigan. The court determines a division that is fair between both parties so that you each have an equal amount of property. Sometimes, however, it is not split exactly down the middle but in the way that is fairest to both parties.
What is equitable distribution?
Only nine states use community property to make an even split between all property after a divorce. All other states, including Michigan, utilize equitable distribution in which courts decide what is the fairest split possible. The court considers all separate pieces of property and shared pieces of property. This could come in the fact that one spouse has a second home while the other does not, so the other keeps the family home.
Factors in property division
It is possible that you and your spouse can determine property division without the court. Your attorneys may help you in this agreement, but there are many factors to remember:
- Primary custody of children
- Financial needs of each spouse
- Financial well-being of each spouse
- Contributions made to the property by each
- Age and health of each spouse
- Child support
- Valuation of the pieces of separate property
- Adverse actions that affect right standing
Getting legal help
Property division after a divorce can be one of the most sensitive parts of the process. Whether you are negotiating with your spouse or relying on the court to make a fair division, an attorney may help guide you through the process and make it as fair as possible.