Michigan divides marital property using the theory of "equitable distribution". Equitable distribution states divide property based on a determination of what's fair under the circumstances of each case, it doesn’t mean that the assets will always be divided on a 50/50 basis.
In a divorce, there are marital assets and separate property .
Marital assets are those accumulated during the course of the marriage up until the day of divorce. And, it doesn't matter which spouse technically earns the asset. Also, it is important to note that the name on the title of property doesn't necessarily determine who owns it.
Separate property is any property owned by a spouse prior to the marriage as well as some property that has been acquired either by a gift or inheritance. Sometimes, even inadvertently, your separate property could become commingled property, which essentially turns it into marital property.
Equitable distribution consists of the court deciding which assets are marital vs. separate property, placing a fair market value on each asset, and then actually dividing the assets. The division of assets is presumed to be fairly equal and a court must clearly explain if there is a deviation from this guideline. The origin of property owned at the time of the divorce may determine whether it is considered part of the marital estate.
Most property is divided by the parties working with their family law attorneys and made part of a settlement agreement. Property division is one of the areas in a divorce with the most room for negotiation.
If you, a friend, or a family member has questions, we can help. Please call us. Let our family, help your family!
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Your Personal Representative (sometimes referred to as the Executor) is the person you appoint in your Will to make sure that the wishes you outlined are executed appropriately. A personal representative is the person appointed to administer the probate estate for a decedent. When an individual executes a will, the person names someone to serve as personal representative for the estate. In most cases, an alternate personal representative is also named in the will in case the other person cannot serve for any reason. As a result, you should choose someone that you trust to act according to your wishes and has the ability to manage the tasks you outlined in your Will. Many people choose a close relative or friend. It’s a good idea to choose someone who is young and capable enough to handle the responsibility, and ideally, someone who is good at handling money and financial transactions. Most of all, you want to choose someone who is honest.
Some couples now stuck at home are being forced to interact and engage with each other in different ways. They may have to address issues or confront subjects they were able to avoid by engaging in their regular routines, working, and socializing. The overall stresses of the pandemic; financial, emotional, and physical, are forcing some people to take a hard look at their partners. Tensions are high, and there's nowhere to go.
Also, if a couple is having trouble, most of their interactions will be neutral or negative. But now (tension) is constant and in their face and they're not able to have their typical routines, like doing their own things,"
Another factor during this deepening coronavirus pandemic: People are becoming even more aware that life is short. Life might be too short to be too unhappy for too long, so they're looking for options to make their life better, maybe their children's lives better and overall move forward.
If you, a friend, or a family member are having these or other family law issues. Please call us. We can help! Let our family, help your family!
Here in Michigan there are four types of bankruptcy cases that we discuss.
Chapter 7 is known as “straight” bankruptcy or “a liquidation.” This type of bankruptcy requires a debtor to give up property which exceeds certain limits called exemptions, so the property can be sold to pay creditors. Many who file under this type of bankruptcy don’t exceed the exemptions, and thus, do not give up personal property.
Chapter 11 , known as “reorganization”, this type of bankruptcy is used by businesses and a few individual debtors whose debts are very large. It is a very specialized type of bankruptcy.
Chapter 12 this type of bankruptcy is reserved for family farmers.
Chapter 13 this type of bankruptcy requires a debtor to file a plan to pay debts (or parts of debts) from current income. This type of bankruptcy may be selected depending on the assets a person has, and/or the debts that a person has.
Most individuals filing bankruptcy will be filing under either the Chapter 7 or Chapter 13 type. Either type of case may be filed individually or by a married couple filing jointly.
Please call and let our family help your family.
In Michigan, you can file for divorce by yourself, it isn't required that you retain an attorney to file for divorce, but an attorney knows the law and will represent your interests . A divorce can be a long process. The key to minimizing the length of your case is proper preparation and that is where an attorney’s assistance can be invaluable.
It is an emotionally fraught time of grieving, but a divorce is above all a business transaction. What surprises many newly divorced people is just how much paperwork is involved in the process. Keeping one's attention on these mundane aspects of the split can often be the healthiest approach to getting through it. Divorce is a major disruptor in one's life and can bring tons of stress—financial, emotional, even spiritual. But many people who go through it also describe feeling an incredible sense of relief. Remember that you are not walking this path alone, your attorney will be your key advisor.