PROPERTY AND DEBT DIVISION

When facing a divorce, a primary concern is the division of assets and liabilities. You may be wondering about how to divide shared possessions such as the house, car, wedding gifts, pre-marital property, pets, and even debt. At Cicchelli Law Offices, PLLC, our attorneys understand the intricacies of property and debt division and are committed to guiding you through this process effectively.

In Michigan, ‘marital property’ is any property or debt accumulated during the marriage, including homes, vehicles, and other assets. This property is jointly owned and divided during the divorce process. Although Michigan law doesn’t offer a precise definition of marital property, it generally falls into four categories:

Property attained with the help of the non-owning spouse.

Property necessary for the adequate support of the non-owning spouse.

Property acquired due to the marriage.

Earned retirement benefits during the marriage, when deemed fair and equitable.

Common examples of marital property in divorce cases include bank accounts, investments, retirement plans, houses, cars, furniture, stocks, business interests, and more. Conversely, non-marital property can be gifts, inheritances, property acquired before the marriage, property bought with pre-marital property or gifts, property obtained after legal separation, and any property specifically excluded by agreement.

In dividing marital property, the court takes into account various factors, including the age and health of both parties, the source and method of acquisition of the property, length of the marriage, the needs of the parties and children, each spouse’s earning capacity, and potential fault. It is crucial to have a seasoned attorney from Cicchelli Law Offices, PLLC on your side to ensure your rights and interests are protected during this complex process.

To make sure the division of marital property meets your needs and interests, gathering all relevant information and having your property professionally evaluated is essential. Get in touch with Cicchelli Law Offices, PLLC at 248-552-9210 to arrange a free consultation and receive the guidance you need.