Michigan residents, like others in the nation, often face challenges during divorce proceedings. No two situations are exactly alike. While the challenges that arise may vary, many people share common experiences regarding certain issues, such as child custody, visitation or property division. The latter is a particular concern for those who own businesses or circumstances involving high assets.
This state is similar to most others in that it is governed through equitable distribution rather than community property laws. That means marital property may not necessarily be divided 50/50 in divorce. The court will determine how best to fairly distribute all assets and debts subject to division.
Hopefully, if you have a particular asset (such as business you started before marriage that your spouse does not own or participate in) you may have secured your interests by signing a prenuptial agreement. If not, then you may need advice about how to keep your business intact and retain full ownership of all its assets. There are often options available to trade assets; so, you can request that you keep your business while your spouse is granted assets that are equal in value to that portion of your business value that is deemed marital property.
Property division sometimes leads to drawn out courtroom battles. By being prepared ahead of time and acting alongside experienced representation, you may be able to swiftly resolve any problems that arise before things get out of hand. Most Michigan family law attorneys are also skilled negotiators who can act on your behalf to address property issues in divorce. Eisenberg & Spilman, PLLC is fully prepared to help you protect your rights and interests as you end your marriage and make plans for your future.