Marital Property Division Attorneys Serving the Okemos-Lansing Area
Dividing Marital Estates in Michigan
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 & Terranova, P.C., 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
- Social Security disability benefits
- Health insurance
- 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. Contact us today to discuss the details of this order and how it may impact your situation.
Complex Marital Estates
If one or both spouses in a divorce have acquired substantial assets or real estate during the course of the marriage, the task of property division can become extremely complex. For example, proper valuation must be undertaken and all tax issues carefully considered. Finding qualified legal assistance from a skilled family law firm is vital to protecting your rights and preserving your interests.
Proper valuation of high-end assets in a divorce is of the utmost importance. This is especially true in today's distressed economy, where many of these high-end assets are now worth much less than they once were. Spouses have great incentive to conceal these assets or make unreasonable demands about how this valuable marital property should be divided.
Our skilled attorneys have the skill and resources needed to effectively handle high-net worth divorce cases involving the following property and assets:
- Vacation homes and other significant real estate investments
- Family businesses or controlling interests in closely held corporations
- High-value retirement or pension benefits
- Stock options and other lucrative forms of executive compensation
- Trust funds and other inheritances
- Prenuptial agreements
In order to effectively identify and value significant martial assets, we consult with forensic and appraisal experts in a wide range of disciplines, including real estate, business, accounting, pension and trust administration, taxation and more. Our primary objective in all property division matters is to gather and present a comprehensive picture of separate versus marital property.
Our comprehensive representation allows clients to make informed decisions concerning commercial or residential property, hidden or transferred assets, and debt division. If desired, our firm can pursue a private dispute resolution in order to reduce the impact of a divorce on a business and avoid a public record through the family courts.