Many married couples in Plymouth spend years saving for retirement. They may have 401(k)s, IRAs, pensions, and other investments that they have set aside to allow them to live comfortably once they stop working. However, not every marriage is meant to last. Sometimes couples -- even those who have been married for decades -- decide to divorce.
We all know or have experienced the signs of love and marriage. However, if you and your spouse have been in a negative place for a while, or if something big happened that affected your marriage in a negative way, divorce may be an option on the table. Finances, and going from married to single, is a topic of much importance with clients' wondering about their financial futures.
Marriage brings more than just a spouse and oftentimes children. It brings the complete cohesion of a couple's life, everything from living quarters to finances to family. This is a big reason why divorce can sound so daunting to a couple thinking about divorce. However, with the right effort, the process of property division can be completed to a person's satisfaction and they can move one step closer to finalizing a divorce.
After child custody questions, the topic of property division is often high on the list of concerns for couples going through a divorce. Whether you have been married two years or 20 years, Michigan classifies as an equitable property division state (rather than a community property state.) What this means is that state law determines, at the basic level, how marital property is assessed and ultimately divided, in a divorce.
If you and your spouse have made the difficult and much debated decision to divorce, it's time to look to what's next. There are many emotional and also administrative aspects to consider when going through a divorce. However, there are areas where the two intersect. One of those topics is child custody and the other, property division.
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.