Property division can be one of several challenges divorcing couples face which makes understanding the property division process in Michigan useful. Equitable property division rules are followed in Michigan which means that property is divided fairly between the divorcing spouses but no necessarily in half.
The family law court will seek a property division settlement that is based on equitable principles but there are some factors they consider in doing so divorcing spouses should be familiar with. While different property items may be more important to one spouse or the other, all property will be divided including debts. Property including a family home, cars, household furnishings, retirement accounts and even a family business will all need to be divided.
It is important to note that only marital property is divided. On the other hand, separate property is not divided as part of the divorce process. Separate property is considered property the spouses entered the marriage with, gifts they received, inheritances they received or personal injury awards they received. By contrast, marital property is considered property acquired during the marriage and is subject to division. Different types of property can be comingled, however, so it is important to be on the lookout for that.
Many changes commonly accompany the divorce process and dividing up all the couple's property can be overwhelming which is why the family law process provides resources to help that divorcing couples should be familiar with. Knowing how property is divided can help Michigan couples navigate the process in a manner that protects the property interests of both spouses.