When couples in Michigan decide to divorce, one of the main concerns is often how their property will be split between them. Of course, there are many other concerns that may come first, such as the custody of any children you have and whether either of you will need to pay child support or spousal support to the other. However, for some couples, these matters are quickly resolved, particularly if there are no children involved.
The same applies even if you decide not to divorce but rather to separate, whether temporarily or permanently. Going your own separate ways and beginning a new chapter of your life still means that you will need to come to an agreement on how your assets are to be split. If you cannot agree, it may need to be decided in the divorce court.
As this article on divorce explains, how your property will be divided if the matter needs to be settled by the court depends on whether the state in which you reside follows community property laws or not. This will affect which assets are considered joint property and whether they are split evenly between you.
If you and your spouse are planning to divorce, or even considering a legal separation, you will need to start thinking about who will keep what. Fortunately, you do not need to go through this alone, and you may benefit from the advice and support of an attorney. He or she can oversee the legal process and may be able to assist you in pursuing a fair and favorable settlement, so you can focus on moving on to the next phase of your life.