Michigan Property Division Lawyer

Decades of Family Law Solutions in Michigan

Michigan follows what is known as the rule of equitable distribution when it comes to property division in a divorce. What this means is not that property will be divided exactly 50/50 between the two spouses but, rather, that property will be divided in a way that is “equitable,” or fair.

You have the right to retain ownership of any property or assets you earned prior to your marriage—even if your spouse is trying to claim rights to it. Additionally, if you inherited any property or assets during the marriage, your spouse will likely not have any rights to it. Contact the Michigan property division attorneys at Grewal Law PLLC for a free consultation today.

Marital Property vs. Individual Property

In Michigan, there are two types of property: marital property and individual property. Only marital property, or property that was obtained during the marriage, is subject to division during a divorce. However, this can quickly become complicated, as shared ownership or management of certain properties may qualify them as “marital property.” For example, if you owned a business prior to marrying your spouse but, during your marriage, your spouse contributed money, time, or effort to the operation of the business, he or she may be able to claim rights to it.

Examples of marital property include:

• Family homes
• Vacation homes
• Rental properties
• Timeshares
• Shared businesses
• Income acquired during the marriage
• Stocks, bonds, and investment accounts
• Retirement accounts (including 401(k)s and pensions)
• Heath insurance
• Money and assets received as gifts

Furthermore, debts accumulated during the marriage are considered “marital property” and may be divided accordingly, even if only one party is responsible for the majority of the debts.

In any case, it is important to consider the factors involved when determining if a certain property or asset will be divided in your divorce. Did you buy your home during your marriage? Even if only your name is on the deed, the court will rule that the house is marital property. Did you deposit an inheritance gifted only to you into a joint checking account with your spouse? It may also be considered marital property.

Division of Retirement & Investment Funds

The division of retirement and investment accounts is one of the most complex and contentious aspects of a divorce. It is important to remember that the court does not automatically divide these funds equally between the two parties. Instead, it will weigh a variety of factors in determining how to divide funds in an equitable manner.

Types of retirement and investment funds that may be divided in your divorce include:

• 401(k)s and 403(b)s
• Pensions
• Stocks, bonds, and investment accounts
• IRAs and Roth IRAs

If you are concerned about the division of retirement and investment funds in your divorce, we can help. At Grewal Law PLLC, we have more than 100 years of combined legal experience and we are ready to put our skill to work for you.

We can be reached online or by phone at (888) 211-5798.