Michigan Marital Property Division Lawyer
Since Michigan is not a community property state, a couple's monetary assets and property is not necessarily divided 50-50 during the course of a divorce. The assets and property accumulated during the course of the marriage are subject to equitable distribution, meaning divided as fairly and equitably as the court deems.
At the office of Bailey Smith & Bailey, PC, our lawyers and staff are committed to helping individuals through the marital property division process. We structure our advice and guidance in order to help clients see the short-term and long-term benefits and drawbacks of divorce asset protection and property division.
Homes, property, and physical possessions are not the only types of materials subject to division. Below is a brief list of some of the types of monetary assets and accounts that may be divided upon divorce:
- Retirement accounts
- 401K
- Social Security disability benefits
- Health insurance
- Pensions
- IRA
- Stocks and bonds
- Investment and bank accounts
- Gifts and inheritance
Our firm also has the experience and resources clients with complex marital estates need for proper valuation of extensive real estate and business assets, and other special considerations.
Your marital debt is also subject to division.
By dividing the debt (accumulated by the two parties throughout the course of a marriage) between the two parties, this removes the burden of one party carrying the debt and believing he or she has been treated unfairly. We strive to help clients understand this type of marital debt division and how it may factor into other aspects of the marital property division. Our firm can also show that you may not be liable for the debt if it was incurred by the other spouse for that spouse instead of for the both of you, such as credit card debt.
We also handle the establishment of a Qualified Domestic Relations Order (QDRO) for our clients. Get in touch with us today to discuss the details of this order and how it may impact your situation.
Contact a marital property division attorney at our firm today by calling 517.349.2800 for a free consultation. We at the office of Bailey Smith & Bailey, PC, are dedicated to helping our clients understand their rights and seek the property to which they are entitled.
