Grand Rapids Property Division Lawyers
Division of Asset and Debts in Michigan
Division of property and debts is a contentious issue for many couples who are divorcing. It is important to understand that this process is governed by state laws and the way the process plays out will differ based on the unique circumstances of your case. If you are looking at property division, it is important to have an attorney on your side who is familiar with the laws governing property division in Michigan. At McShane & Bowie, P.C., we have been handling property division for more than 20 years. We have the experience to effectively represent you in this process.
How Is Property Divided in Michigan?
When dividing property, the court will generally follow the legal rules of equitable distribution. This means that the court will divide the property in a fair and equitable manner between the divorcing parties. While the court will generally divide the property 50/50 between the parties, there are certain circumstances that could lead the court to deviate from this rule. For example, if one spouse is at fault for the divorce or if one spouse was abusive during the marriage, the court may deviate from the 50/50 rule and award more property to the innocent party.
Some of the factors a Michigan court will take into account when dividing property include:
- the market value of the property
- the nature of the property (e.g., personal property vs. real property)
- how the property was acquired (e.g., who earned the money to pay for it)
- the duration of the marriage
- the conduct of the parties (e.g., if one spouse wasted the marital assets)
We understand how property division works in Michigan, and we will work with you to establish a fair and equitable division that is in your best interests.
How Do We Value Assets in a Divorce?
The first step in determining how to divide property is to value the assets. Assets can include real estate, bank accounts, retirement plans, and other investments. We will work with you to determine the value of your assets and any future plans you may have for these assets.
What If We Have a Business?
If you own a business, you will need to value it as well in order to properly divide it. We can help you with this process as well. We will work with you to value the business and work with an accountant if necessary to do so.
How Long Does Property Division Take?
The length of the property division process will depend on your specific circumstances. While the process generally takes between 6 to 12 months, it could take longer if there are a lot of assets to divide and/or if there are any disagreements between the parties. If you are looking to get this process over with as quickly as possible, we can help you with this as well. While the law may dictate how property is divided, we can work with you to reach an agreement with your spouse that will allow you to get the process over with as quickly as possible.
Contact Our Grand Rapids Property Division Attorneys Today
At McShane & Bowie, P.C., we understand that property division can be a contentious issue in your divorce. We will work with you every step of the way to ensure that you are fairly compensated for your property. We offer flexible hours and offer weekend and evening appointments to make it easier for you to get in touch with our Grand Rapids property division attorneys.
Get in touch with our property division attorneys in Grand Rapids at (616) 747-7922.
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