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What happens to all our personal property in a divorce?

Couples typically acquire countless personal items during their marriage, from furniture and computers to artwork and jewelry. Spouses buy books, gaming consoles and household appliances. If that couple divorces, these and other personal property items can be eligible for division.

What is separate property?

If you are getting divorced, one of your main concerns can be how you will divide your physical assets and property. Often, this is one of the most contentious steps in a divorce, so it is wise to be prepared and understand how the process works.

Are your pets property to be divided in a divorce?

It's a serious question. Traditionally, Fido and Whiskers have been viewed by the courts as nothing more than property that must be divided equitably in divorce. As more people come to believe that their pets are part of the family, however, the more contentious the issue has become.

What is a qualified domestic relations order?

If you or your spouse has a pension, 401(k) plan or IRA, you will need to divide them in the event of a divorce. You can agree to divide these as part of your settlement, or a judge can divide them if your divorce goes to trial. In order for the division to be binding on the plans, however, you will need a qualified domestic relations order (QDRO).

Is your spouse hiding assets in your divorce?

Whether you settle or go to trial, a divorce is a legal proceeding. That means that each party has a legal duty to honestly and fully disclose all information material to the case. That includes being honest about your assets and debts. Unfortunately, as many as a third of U.S. adults who have combined assets with a spouse or partner admit they have been dishonest about money.

How a prenuptial agreement factors into divorce

Property division will be a major issue in any divorce, but especially one that involves a significant number of assets -- or assets of tremendous value. Given the importance of this issue during divorce, it is important for newlyweds or people who are considering walking down the aisle with their significant other to think about a prenuptial agreement and what this contract can offer them.

How are the different types of debt handled in property division?

Yours, mine or ours? That is the primary question when it comes to property division in a Michigan divorce. Couples have two options: they can either pay off all their debts before filing for the divorce, or they can have the court decide who will be responsible for which debts. However, regardless of the ruling of the court, lenders will still hold those whose names are signed on the debt contract responsible for payment. It is not always possible to settle all debts, but taking joint debts into a new life may not be desired, and some choose to close joint accounts and open new individual accounts wherever possible.

Some issues might be left unaddressed during property division

When people in Michigan file for divorce, they may not realize that there will be a host of challenging choices and decisions to be made. Adequate preparation before entering into property division negotiations is necessary in pursuing post-divorce financial stability. Without professional guidance, detrimental errors may be made.

The role of the QDRO in property division

Ending a marriage is a complicated process that needs cautious planning and careful consideration of various aspects. Any Michigan resident who is in the throes of a first divorce will likely be unfamiliar with many procedures, and having qualified advisers in his or her corner might be invaluable. One crucial matter that is often neglected in the property division process is learning what a Qualified Domestic Relations Order is all about.

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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.

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

Phone: 248-358-8880
Birmingham Family Law Office

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