Michigan is a no-fault divorce state and property is, generally, equally divided. It is, however, important to know what is and what is not marital property. In most cases, if the property was acquired during the marriage, it is likely to be considered marital property. In some instances, such as when steps have been taken to hold property separate from the marital estate, property acquired during the marriage can be considered to be non-marital.
Here is an example: You inherited $10,000.00 from your deceased grandparent. If you deposited that money into the joint account you hold with your spouse, that money is now marital property. If, instead, you opened an account in your name alone and deposited that money there, then it may not be marital property.
Deciding what is and isn’t marital property can be difficult. An example would be a situation where one spouse owned a home prior to the marriage. That is not marital property just by virtue of the parties’ marriage. If later, however, the parties take a loan together and invest that money in the home, then the situation is much less clear.
Divorce is complicated and the right divorce lawyer can help you navigate the process while attempting to protecting your interests and assets. If you’re contemplating divorce in Monroe County, Michigan or surrounding area, we have the experience to get you what you deserve during this emotional time.