Oakland County Property Division Attorneys

If you are seeking a divorce – or are having one foist upon you – a significant matter that you’ll need to attend to is the division of your marital property. While this division is intended to be fair, property division is often one of the most complicated (and contentious) elements of divorce. Your financial future will bear the stamp of this property division, which makes working closely with an experienced Oakland County property division attorney an excellent plan. 

Marital Property

Marital property is that property that you and your spouse acquired together during the course of your marriage. This is true regardless of whose name is on the title or deed or of who made the purchase to begin with. An exception to this rule is an inheritance or gift that is made in one of your names only (and that is kept separate), which is considered separate property. Upon divorce, your marital property will be divided in a manner deemed fair under the circumstances, which can include wide-ranging variables, including:

• The duration of your marriage
• The cause of your divorce and whether fault plays a role
• You and your spouse’s separate contributions to the marital estate
• The separate earning potential of you and your spouse
• You and your spouse’s separate financial needs moving forward

If you and your divorcing spouse can negotiate a division of marital property that you are both willing to sign off on, you won’t need the court to do so on your behalf. 

Separate Property

Separate property refers to that property that either you or your spouse brought into the marriage with you and kept separate throughout. Separate property remains your own private property, and it is not divided upon divorce. The matter of keeping property separate, however, can become very complicated very quickly. Consider the following:

• If the separate property in question is kept separate but increases in value over the course of your marriage (such as a retirement account of a piece of real estate), that increase in value will likely be deemed marital property that is subject to fair division upon divorce.
• If one spouse will experience a financial downturn upon divorce that leaves him or her unable to support himself or herself, the court may divide some portion of the other spouse’s separate property to help remedy the situation. 
• When separate property is routinely used for marital (or family) purposes, such as when separate funds flow through a joint bank account, the line between separate and marital property can be blurred. For example, if you inherit money that you deposit into the joint account that covers your home’s mortgage, the separate nature of your inheritance can be negated. 

An Experienced Oakland County Property Division Attorney Can Help

The division of marital property is a critical component of every divorce, and the well regarded Oakland County divorce attorneys at the Law Offices of Robbins & Licavoli have the drive, dedication, and legal insight to help you obtain a just division that helps support your financial future. We’re here to help, so please do not hesitate to contact us for more information today.