Skip to Content

What Should Be Done with Common Assets During A Breakup in Michigan?

Breaking up with someone can be hard on both parties involved - particularly when dividing shared assets and assets. Michigan, as in most other states, makes untangling joint property an emotional process that should not be underestimated; whether cohabitating unmarried but cohabitating unmarried or going through divorce proceedings, knowing all legal implications associated with property division is vitally important in these circumstances.

Here is a comprehensive guide to what happens with shared properties when splitting from your partner in Michigan:

Marital versus Non-Marital Property

In Michigan, marital property refers to assets acquired during marriage or cohabitation, while non-marital assets include any that were owned prior to or acquired post-relationship as inheritance/gift during said relationship.

Equitable Distribution

Michigan follows the principle of equitable distribution when dividing marital property. This means assets acquired during a relationship aren't divided 50/50 but instead divided based on various criteria, including each party's contribution towards the acquisition, earning potential, and needs.

Property Settlement Agreement

Couples can negotiate an amicable division of assets outside of court through a property settlement agreement, which details how common properties will be distributed among them.

Court Intervention

In cases when couples cannot agree upon how to divide assets among themselves, court intervention may become necessary in deciding the division. A judge would then assess various factors like the length of the relationship, each party's financial standing and any children involved as factors for consideration when making this determination.

Asset Valuation

Establishing the value of typical properties is integral for equitable division. This may require appraisals on real estate properties and investments and assessments for vehicles, businesses, or retirement accounts.

Debt Allocation

Couples must also address how they will divide debt acquired during their relationship - such as mortgages, credit card bills, and loans - during divorce proceedings. This might involve mortgage payments, credit card bills, or accrued loan balances.

Protecting Separate Property

Individuals should take steps to safeguard non-marital assets by maintaining separate bank accounts, titles, and ownership documentation. This may involve maintaining separate bank accounts and titles.

Post-Separation Issues

Once assets have been divided and distributed among them, issues regarding ongoing financial obligations (like spousal support or child support payments ) may still arise following separation.

At its core, Michigan's property division requires careful consideration of legal principles, financial implications, and individual circumstances when dissolving a relationship.

Achieving fair and equitable division is necessary for moving on after its end; taking legal advice during this challenging period is invaluable in understanding individual rights and responsibilities and creating an easier transition for everyone involved.



Contact Our Legal Team Today
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.
  • By submitting, you agree to be contacted about your request & other information using automated technology. Message frequency varies. Msg & data rates may apply. Text STOP to cancel. Acceptable Use Policy