Dividing assets and debts is referred to as property settlement. It can be one of the more difficult areas of divorce. Deciding who receives what asset and what debt can require analysis to determine value and origin of each asset.
First, you must determine what the asset is worth. It is typically not what you paid for it. Fair market value is the value considering a fast sale to a willing buyer. If an asset is a bank account the value is the amount in the account. Debts are valued at the amount of the debt.
Next, there needs to be a determination of when the asset or debt was accumulated. Before or after the marriage. Typically, assets and debts accumulated before the marriage are premarital and go with that person. With every rule there is an exception. If the parties contributed toward the asset it can become a marital asset. Only assets and debts accumulated during the marriage are divided.
Additionally, fault can change the property settlement if a party raises the issue. 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.
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. An attorney can help sort out the assets and determine what is a martial asset and what is not a marital asset. Call for a free consultation.
GRAND RAPIDS DIVORCE ATTORNEYS
If you are facing an uncontested divorce, a good divorce attorney 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. Typical fees to retain attorney for a divorce case can be as little as 1,000 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, Big Rapids, Ionia, Grand Haven, Stanton, Greenville, Wayland, Allegan, Holland, Newaygo, White Cloud, Fremont, Coopersville, Hastings, Middleville, Wyoming, and Rockford including Kent County, Ottawa County, Newaygo County, Ionia County, Mecosta County, Barry County, Montcalm County, and Allegan County Michigan.
Our Office Can Help.
KRUPP LAW OFFICES P.C.
161 Ottawa NW Suite 201
Grand Rapids MI 49503
616-459-6636 or email@example.com