Farmington Hills Property Division Lawyer
Michigan attorney assists with valuing and dividing assets in divorce
In addition to the deep personal strain that divorce causes, a split can also lead to serious financial concerns. All marital property held between the two spouses is divided between the parties. This includes both assets and debts. You need an attorney who thoroughly understands how to achieve the allocation you seek. At Rosenbaum, Bloom, Meyerson & Galinsky P.C., Louis Galinsky is a deeply experienced Farmington Hills property division lawyer. Our firm is known throughout Wayne, Oakland and Macomb Counties for successfully helping clients with complex marital estates and delivering skillful advocacy during equitable distribution proceedings.
Determining marital vs separate property in Michigan
The first step in allocating assets between divorcing spouses is determining what property is subject to division. Assets owned by one party prior to the marriage are classified as separate property and return to their original owner upon the divorce. Inheritances left to one spouse and items defined as separate property in a valid marital agreement are also excluded from the marital estate. Aside from those exceptions, assets acquired by either spouse while the couple was wed are considered to be marital property and divided between the parties as part of the marriage dissolution decree. If the couple cannot agree on a settlement, the court divides the assets based on Michigan’s equitable distribution standard. This means that the judge distributes marital assets and debts among the couple according to what he or she believes to be fair, which does not have to result in each spouse receiving an equal share of the value.
Factors influencing property division
Factors that are commonly used in property division determinations include the following:
- Duration of the marriage
- Each spouse’s financial situation and needs
- Earning ability of each party
- Custody arrangements and childcare responsibilities
- Whether either party squandered marital assets or committed some other form of misconduct
Marital debts and liabilities must also be divided among the parties when spouses break up. Working with a seasoned divorce attorney will help you understand how a court might rule on these issues and give you the best chance to secure the result you deserve.
Farmington Hills family lawyer helps with valuing assets
Many divorcing spouses are so committed to ending the marriage dissolution process that they make mistakes due to haste. One example is the failure to obtain a proper valuation of assets that are in the marital state. This can be particularly costly in a high asset divorce. Depending on your situation, it might be necessary to bring in a forensic accountant, financial expert, art appraiser or experienced realtor to gain an accurate perspective on the true worth of various items.
Business ownership and divorce
If you own all or part of a business, a divorce could threaten your ability to remain at the head of your operation. Our firm has represented numerous business owners throughout the Metro Detroit area in matrimonial litigation and knows how to protect what they’ve built. We consult with expert appraisers to determine the accurate value of a business and negotiate to keep our clients’ ownership stake intact. Regardless of the size or your company or the industry in which it operates, our firm strives to minimize any negative impact on your partners, fellow shareholders, employees or customers. This includes cases where a spouse seeks some sort of accommodation based on their contribution to the business.
Dividing a 401(k) or pension in divorce
Pension benefits, 401(k) funds and other retirement assets accumulated while a couple is wed qualify as divisible marital property, even if they are not intended to be used until long after a couple’s divorce is completed. Typically, a judge will issue a Qualified Domestic Relations Order (QDRO) to preserve a divorcing party’s share of their ex-partner’s retirement assets. We can review your particular situation to assess what might be a fair way to address pensions and retirement accounts. Whether a QDRO is the best option or you prefer to seek a method of offsetting a partner’s right to retirement assets by providing another type of property, we will develop a potential solution that best meets your needs.
Contact a Michigan divorce lawyer for a free consultation about property division
Rosenbaum, Bloom, Meyerson & Galinsky, P.C. advises Metro Detroit clients regarding the division of marital property in their divorce. To make an appointment for a free consultation, please call 248-200-2240 or contact us online. Our office is in Farmington Hills.