The division of the parties’ assets and debts is very important. Property can consist of anything from household furniture to the division of a home, automobiles, and the evaluation and division of business assets, along with division of retirement accounts.
The first step in dividing assets is to determine the nature and value of the assets. Thereafter, each asset or debt will be assigned to one of the parties. There is no requirement in Michigan law that assets and debts must be divided equally. In fact, the attorneys at Boyer, Dawson & St. Pierre have represented parties who have received over 90% of the assets.
The factors for dividing marital property include, but are not limited to:
- The length of the marriage
- The needs of the parties
- The needs of the children
- The earning power of the parties
- The source of the property
- Where the contributions toward property acquisitions came from
- The cause of the divorce, including fault in the breakdown of the marriage
Sometimes, property is not marital, but separate property of one of the spouses. Whether or not the other spouse will be able to invade this separate property depends upon a range of circumstances and the particular facts of the case. Separate property, for example, can be property acquired before the marriage, including real estate, it may consist of an inheritance, a gift from a parent, etc.
Experienced family law attorneys in Sterling Heights
For more information on child custody and other divorce matters, contact the Law Offices of Boyer Dawson St. Pierre, 43805 Van Dyke Avenue, Sterling Heights, Michigan 48314-2446. Phone: 888-559-4705, Fax: 586-731-6370, by e-mail: [email protected] or contact us online.