Under Michigan law, the property of the parties to a divorce is divided “fairly”, but not necessarily equally. While this standard is somewhat vague, there are rules to help decide what is “fair”. Strong advocacy by your attorney is the best way to ensure that the property settlement is fair to you. The term “property” includes a lot of different things. Real estate, and personal property like cars and household goods, are, of course, included. But the Court will also consider pensions, retirement accounts, health and life insurance, bank and other financial accounts, vehicles, businesses, inheritances, and even professional degrees.
Unlike child support, parenting time and custody, the property division cannot be modified once the judgment is entered. It is important to get it right the first time because there will not be another time. Proper steps must be taken by your attorney to make sure that all assets and liabilities are discovered and addressed. Retaining an attorney who can identify all of the property and use innovative property settlement techniques to eliminate the unnecessary loss of assets to outsiders will result in a truly “fair” property division.
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