GRAND RAPIDS DIVORCE ATTORNEY –DIVIDING ASSETS AND DEBTS IN A DIVORCE
When you are facing a divorce and have questions about your divorce options in the Grand Rapids area, it is important to have the representation of a good divorce attorney. Krupp Law Offices P.C. has been providing quality divorce representation for over 85 years. We can explain property division under Michigan law. Call the divorce attorneys at Krupp Law Offices P.C. for a free phone consultation. During your phone consultation, our attorneys will provide you with immediate answers to your questions and schedule a free initial appointment with one of our attorneys.
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DIVORCE - ASSETS AND DEBTS IN MICHIGAN
One of the most important questions that a person facing a divorce must address is the distribution of assets, debts, and inherited property.
Assets and debts that are accumulated during the course of the marriage are split equally in Michigan. There are exceptions to this general rule. In the event that fault is the cause of the breakdown of the marriage (the cause of the divorce), then the Court may alter the property distribution to allow the non-faulting party to receive more than half of the assets.
In the event that the marriage is short (less than 5 years), Court will try to return the parties back to the same financial position they were in when they entered into the marriage. The Court also considers how the asset was acquired in the determining how to distribute the asset. Inherited property, worker's compensation settlements, personal injury settlements, and gifts can all be excluded from marital assets and not be subject to the claims of a spouse.
In addition, the courts have the discretion to distribute inherited property and gifts as marital assets or separate the property and award it to the party who directly received the gift or inheritance.
The court considers a number of different factors in determining whether inherited properties or gifts should be subject to division by the court or awarded solely to one party. Some of the factors that the court considers are:
· The length of the marriage;
· The intent of the donor;
· Has the property been commingled with other marital assets.
In the event that there is a long term marriage, the donor gave the gift to the parties as husband and wife, or inheritance or gift was commingled with other marital property, then the court is more likely to consider that inheritance or gift an marital assets and subject to division in a divorce. On occasion, the court may consider property separate, but still divide the property as marital property if both of the parties contributed to the accusation, improvement, or accumulation of the asset. An example of this would be a house which was inherited 10 years prior to divorce. During the 10 year marriage both of the parties paid property taxes on the home, added an addition on to the home, and spent money on maintenance. In this situation, the court would more than likely consider the house a marital asset subject to division.
As you can see, the distribution of assets, debts, and inherited property can be complex. As such, a person facing a divorce should consult with an attorney who is experienced in the field of matrimonial or divorce law.
If you are facing a divorce, a good divorce attorney is not optional, it is a requirement! Our divorce attorneys can answer your questions with straight talk. Having the right divorce attorney on your side can relieve your stress during this difficult situation. Our Attorneys have over 85 years of divorce experience.Our attorneys have extensive divorce trial experience including property settlements, spousal support, alimony, child custody, and other serious divorce related issues. Typical fees to retain attorney for a divorce case can range and from 1,500 dollars to as high as 5000 dollars. Considering the seriousness of this life changing event, it is extremely important to retain the services of an experienced attorney in the area of divorce.
Krupp Law Offices P.C. is located in downtown Grand Rapids, Michigan and has the right divorce attorney for you. We represent clients in all divorce matters throughout West Michigan, including the cities of Grand Rapids, Holland, and Grand Haven, and the counties of Kent, Ottawa, Allegan, Barry, Newaygo, Montcalm, Muskegon, and Ionia.
Our office can help.
161 Ottawa NW Suite 201
Grand Rapids MI 49503