Many disputes can start when determining the value of community assets. Your current assets are anything that can be owned or controlled to produce value. This can include cash, checking accounts, savings accounts, retirement funds, property, land, cars, motorcycles, planes, boats, collectibles, furniture, jewelry and much more. Finding an agreeable asset valuation total is an important early step to divorce. Our team has the business and family law experience to help.
Community Property Divided
There are many factors involved in deciding the equitable split, but community property will be divided. Spouses can decided to buy out assets, divide them, sell them to split proceeds or share ownership of property together after the divorce.
Marital Property Divided
Different then community property, marital property does not have to be divided equally between spouses. The value of these assets at the time of the marriage and divorce will play an important role. There are specific principles that the Michigan courts follow to equitably distribute the assets.Schedule a Call