Division of Marital Property in Waterford
Our Family Lawyers Walk with You Every Step of the Way
Divorce is never easy, as it involves the dissolution of a number of emotional, personal, and financial aspects of your life. Most people are so focused on starting a new chapter of their life, they forget that one of the primary aspects of divorce is the division of marital property.
This can be an incredibly contentious situation, which is why it is essential you enlist in the help of a Waterford family law attorney you can trust to fight for your rights.
Understanding Marital Property Versus Separate Property
Divorce involves two kinds of property: marital and separate property. Separate property includes any property that was acquired, bought, or owned prior to the marriage. It may also include any gifts or inheritances during the time of marriage, and this is the kind of property that cannot be touched during divorce proceedings--unless it has been mixed with marital property.
What Encompasses Marital Property?
Marital property is any property, debt, or assets that have been acquired during the entire length of the marriage, and this is the kind of property that is open to division. In the state of Michigan, the law requires property division follow the rule of equitable distribution, meaning all property must be divided fairly between the two parties. The courts will decide what kind of division is fair to both people.
The judge may consider the following factors when dividing marital property:
- Source of the property
- Years of marriage
- Earning power of parties
- Cause of divorce
- Needs of either party, and their children if there are any involved
- Contribution toward the acquisition of property
- Various relevant factors, deemed relevant by the court
As you can see, it is vital you don’t face this situation on your own--a strongminded Waterford family lawyer will ensure the marital property is indeed divided equitably.
Contact Our Waterford Family Law Attorneys Today
For Waterford family law attorneys who will work tirelessly to deliver you the results you deserve, look no further than Charles P. Farrar PLLC. Our legal team, comprised of skilled Waterford family law attorneys, will handle the complications of your case with ease. We believe in providing our clients with comprehensive, compassionate, and committed legal counsel and care.
Call (248) 327-0377 today to speak to a member of our legal team.