Dividing up your marital property during divorce is seldom an easy task and for many couples in Michigan, it has been one of the issues that has prolonged their divorce process. It is hard to place a value on some things and you may not realize how much a particular thing means to you or your spouse until you come to decide who gets to keep it. Even the family pet can be caught up in this dispute, something that is often a cause of significant distress.
However, while in many divorces the matter of property division is settled by the courts, it is possible to reach an agreement with your spouse. If so, you will need to have all of the details written up, signed by both of you and witnessed. Some of the matters you may want to set out could include the division of business assets, who keeps the family home and what will happen with any personal property.
As this article on property division explains, your settlement agreement can also contain other details such as financial support or matters involving your children. If approved by the judge, these decisions can then be incorporated into your final divorce decree. As such, a comprehensive settlement agreement could reduce the amount of time it takes for your divorce to be finalized.
The more you own as a couple, the harder it can be to get everything in order. As such, high asset divorces can often be complicated. Fortunately, no matter how much there is to sort through, an attorney may be able to provide the guidance and support you need in order to reach a fair settlement and move on with your life.