When a marriage ends, one of the most complex and emotional tasks is dividing marital assets. In Michigan, property division is governed by the principle of equitable distribution, meaning assets are divided fairly, but not necessarily equally. Whether you’re going through a divorce or considering one, understanding how marital assets are split can help you plan and protect your financial future.

What Are Marital Assets?

Marital assets include everything acquired during the marriage, such as:

• Real estate (family home, vacation properties)

• Bank accounts and savings

• Retirement funds (401(k), pensions)

• Vehicles

• Business interests

• Personal property (furniture, jewelry, artwork)

In Michigan, assets obtained before the marriage or through inheritance are typically considered separate property and are not subject to division, unless they were commingled with marital assets.

Equitable Distribution in Michigan

While Michigan courts aim for fairness, equitable does not mean equal. The goal is to ensure a fair division based on various factors, such as:

• Length of the marriage

• The financial contributions of each spouse (including non-monetary contributions like homemaking)

• Each spouse’s earning capacity and future needs

• The health and age of both parties

• The standard of living during the marriage

For example, one spouse might receive a larger share of assets if they have a lower earning potential or if there is a significant difference in the value of their individual contributions.

Negotiating Asset Division

In some cases, spouses can negotiate the division of assets without court intervention. Mediation or collaborative divorce processes can help couples agree on how to split property without lengthy litigation. If an agreement cannot be reached, the court will make the final determination.

Conclusion

Dividing marital assets can be complicated, but understanding Michigan’s laws and working with a skilled family law attorney can help ensure a fair division. With the right approach, you can protect your financial interests and start fresh after divorce.

At Richards Family Law, we understand that navigating divorce and child custody matters can be overwhelming and emotionally challenging. Our dedicated team of experienced attorneys is committed to providing you with the best legal advice tailored to your unique situation. We prioritize your family's well-being and work diligently to ensure your rights are protected throughout the process. From negotiating fair settlements to advocating for your children’s best interests, we are here to guide you every step of the way. Trust Richards Family Law to deliver compassionate support and expert legal representation as you move forward to a brighter future.