View Our Practice Areas

Financial aspects of property division

The writing is on the wall and both individuals know that the marriage will probably not last much longer. Once reality sets in, it is time to start thinking about one's financial future and how the property division process can have a lasting impact. For many Michigan couples, separating the financial aspects of the marriage can be a challenge.

Credit card and consumer loan debt is one aspect that will need to be addressed. A review of credit bureau reports can help one determine the exact status of each account. Once this has been determined, the couple needs to decide if they are going to close the account and pay it off, close the account and pay it off later or simply leave the account open. It is important to identify exactly how much is owed and who owns the account; just because both individuals can use the account does not mean that both individuals are considered financially responsible by the lending institution. Even if the courts order both parties responsible for the amount due, the lender may not, depending upon how the account was originally set up.

Another important aspect that will need to be addressed is how to handle the family home, if one is owned. One possible option is for one of the individuals to buy the other out. Another option is to sell the house and then divide the equity. Finally, the couple may decide to remain co-owners of the home; this may be considered an option because of current market conditions, financial situations or concern for children.

The financial aspects of property division can appear to be daunting. There are many facets that the Michigan couple will need to consider. However, by carefully analyzing the situation, an experienced attorney can help guide the individual and determine what is going to be in his or her best interest.

Source: ajc.com, "How to Untangle Your Finances in a Divorce", Bev O'Shea, June 23, 2017

No Comments

Leave a comment
Comment Information

Testimonials

Testimonials
  • Understanding the legalities of the divorce process Laura has walked me through the maze of this legal system educating me so that I understand the divorce process. She has fought for me an every issue that I have had concerns with and given me excellent advice when I needed it. I am very satisfied with the direction and results. - Anonymous
  • The Best Family Lawyer in MI My cousin who owns his own law firm in Toronto found Amy for me as the best female lawyer in MI. It turned out to be very true. She helped me through one of the hardest times of my life, not only just legally but emotionally through a divorce... - Graeme
  • Laura Eisenberg -Attorney Without a doubt, one of the most professional people I have ever dealt with. Laura is an over-communicator with a complete skill set. She was able to manage my expectations while helping me to feel confident in the decisions we were making. The results were great and the client-lawyer relationship was exceptional.- Jeff
  • Excellent, Supportive, Knowledgeable, Strong Amy is the best type of lawyer one could want - she is tough when needed, extremely knowledgeable about her field, confident, supportive, straightforward, reliable and cognizant of keeping financial commitments at a reasonable level. Amy handled my divorce and was not only excellent in her delivery of services, but...- Jordana
  • Highly Recommended - Caring, Tough, Affordable Lawyer Laura Eisenberg was 100% on my side during my divorce and actually got it pushed through ahead of schedule because of her good relationship with the Oakland County judge! She got me everything I wanted and also worked out the custody, child support and the property settlement that I wanted. - Katherine
  • Very Skilled & Experienced Lawyer Laura helped me through a very difficult divorce situation. I was completely taken by surprise when my spouse filed divorce papers, and was worried about the children, the house, child support, etc. A friend recommended Laura because she had really helped her with her divorce. - Anonymous
Read More
  1. Super Lawyers
  2. Distinguished AV | LexisNexis Martindale-Hubbell | Peer Review Rated For Ethical Standards and Legal Ability
  3. Best Lawyers | Best Law Firms | U.S.News
  4. AAML | American Academy of Matrimonial Lawyers
  5. The Best Lawyers in America
  6. MIPA
  7. Business | Top Lawyers
  8. Avvo Rating 10.0 | Superb | Featured Attorney

Get Started Today

Responding to our clients' needs is our first priority at Eisenberg & Spilman, PLLC. Whether you are considering divorce and have questions about your rights, or you are seeking custody of your child, our Oakland County family law attorneys are here to help you.

We invite you to contact Eisenberg & Spilman, PLLC, at 248-358-8880 to schedule a confidential consultation with one of our attorneys to discuss your divorce or other family law matters. In addition to our regular business hours, evening and weekend appointments are available upon request.

Email Us For A Response

Eisenberg & Spilman, PLLC
600 South Adams Road Suite 100
Birmingham, MI 48009

Phone: 248-358-8880
Birmingham Family Law Office

Review Us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy