If things are no longer going well in your marriage, you may find yourself considering a new start. While divorce may seem like a big step, it could be the healthiest option for you and your spouse if you are no longer happy together. Of course, one of the important matters to consider during this time is the division of your assets and property. This is not always as easy as you might hope. However, it is just one part of a process that marks a step toward a happier future.
In Michigan, as is the case in many states, property division laws generally favor equitable distribution. This means that property is split in a way that is deemed fair by the judge, usually based on each partner's contribution to the marital property as a whole. However, something that not everyone realizes is that marital property can sometimes include funds that you may have thought were exempt.
For example, certain forms of property, such as inheritances or court awards are usually treated as separate property. However, if they become commingled, they may be deemed to be part of your marital property. This can happen if you put them in the same account as shared funds, or use individual property in conjunction with shared property to purchase something else.
If you are planning to divorce or you are caught up in a property dispute, it may be a busy and confusing time. As this article on family law explains, many of these disputes end up being settled in court. However, with so much to work through it can be hard to make thorough and well-reasoned decisions, yet it is a critical time to do so.
Luckily, you do not need to handle these important matters alone. An attorney can oversee the divorce process and may be able to help you ensure that a clear picture of your situation is presented to the court. With the right guidance, you can work toward a fair and favorable settlement as you enter this new chapter of your life.