Property Division Lawyers Bloomfield Hills

Property Division Lawyers Bloomfield Hills

Property division is one of the issues that must be settled within a divorce. In some divorces, it is the most divisive and complicated issue a couple will need to handle. If you are considering a divorce or have already begun the process, meeting with experienced property division lawyers in Bloomfield Hills can help you set realistic expectations as well as gain knowledge about the law. 

Classifying Marital and Separate Property

Before property division can occur, the property that the couple owns needs to be classified as either marital or separate. In most cases, marital property is subject to division, while separate property is not. Marital property is defined as property the couple acquired after the marriage. It can include:

  • Real estate
  • Vehicles
  • Furniture or furnishings
  • Retirement accounts such as a 401k 
  • Pension plans
  • Businesses
  • Bank accounts

Even if the asset is only in one spouse’s name, if it was received during the marriage, it is considered marital property. One key point that many spouses forget to consider is that if the property was earned during the marriage but not received until after the divorce, it is still subject to property division. If you or your spouse earned or bought something before your divorce was finalized but did not receive it until after, talk to your property division attorneys in Bloomfield Hills about how to proceed.

Separate property is a property that individual spouses obtained before they got married or during the marriage such as a gift or an inheritance. Sometimes categorizing property can be challenging, if you have questions, contact your property division attorneys in Bloomfield Hills.

How Property Division Occurs in Michigan

Once the couple’s property is accounted for and valued, they have several options. They could negotiate with the help of their property division lawyers in Bloomfield Hills to determine who gets what. If they are unable to reach a settlement agreement, the decision will be left up to the family court judge.

Hire Skilled Property Division Lawyers in Bloomfield Hills

You only get one shot at property division. Unlike alimony, child custody, or child support,  you cannot go back and modify property division once your divorce decree is official. It is crucial that you seriously consider your options for property division and determine what your goals are. Your attorney can assist you in accounting for all of your marital property, valuing it, and negotiating a settlement. For your confidential case review, contact the Bloomfield Hills property division lawyers today at Robbins & Licavoli.

Get in Touch with Robbins & Licavoli