Oakland County Property Division Lawyers

Oakland County Property Division Lawyers

Each state has its own laws regarding divorce and the requirements for divorcing spouses. One requirement is for spouses to divide all of their marital property. Michigan law requires the equitable division of property and assets, which means spouses must split up their property in a fair manner. This does not require a 50/50 division like community property states, but instead considers what is a fair distribution based on the totality of the circumstances. 

Dividing marital property can be a challenging task, especially if your property is complicated. It is important to have the assistance of an experienced Oakland County property division lawyer who can protect your rights under the law to your fair share of property. If divorce might be in your future, consult with the legal team at the Law Offices of Robbins & Licavoli today.

Factors Considered in Property Division

When approving a property division proposal or issuing an order of how you should divide your property, Michigan courts can consider different factors. These can include:

• Each spouse’s contribution to the marital property
• The length of the marriage
• The earning ability of each spouse
• The needs of each spouse
• Each spouse’s separate property they will keep
• Wrongful conduct of either spouse

In addition to the above, the terms of a prenuptial agreement the spouses signed can dictate how property is distributed. 

Steps in the Property Division Process

The first step in each case is to determine which property is marital and which is separate. Marital property generally involves anything you acquired during the marriage, with exceptions, including inheritances, certain gifts, or property designated as separate in a prenuptial agreement. Marital property can include the following and more:

• The family home
• Investment or vacation properties
• Vehicles
• Financial, investment, and retirement accounts
• Personal property
• Business interests

Next, you will need to determine the value of your marital property. When it comes to financial accounts, this is relatively straightforward. Real property, business interests, and similar property may require the assistance of an appraiser. 

Finally, once you have all of your valued marital property set out, you and your spouse will see if you can agree on how to divide it. Your attorneys will engage in negotiations, and often, a settlement agreement can be reached. If you cannot agree, you might choose to participate in mediation, which is a dispute resolution process that helps many spouses agree on contested issues. 

If mediation is unsuccessful, you will need to bring the matter before the family court. The judge will listen to your attorney’s arguments and review the above factors to make a decision on how you should divide the property. Once you go to court, the decision is out of your hands, and you will need to comply with the court order.

Speak with Our Oakland County Property Division Lawyers Today

The Law Offices of Robbins & Licavoli tries to reach favorable settlement agreements for our clients whenever possible. We are also dedicated advocates if a matter goes to court. Contact us to speak with an Oakland County property division lawyer about your case.