Monday, May 17, 2010

Property Division in a Divorce: Have a Plan

By: Carole L. Chiamp

No one plans on getting a divorce when they get married, but one of every two marriages will end up that way. If your marriage is one of those that has not worked, you need a plan. The decision to get divorced is a difficult one that impacts your emotional stability and your social and financial security. You will want to be in control of as many aspects of the divorce process as is possible.

In a divorce, assets must be identified, valued, and then divided. They are divided "equitably" in Michigan which does not necessarily mean "equally" but rather in a way that is fair to both parties. A court will commonly take into account these factors in dividing property:
  • The source of the contribution toward the acquisition of property;

  • The length of the marriage;

  • Your needs and the needs of your spouse;

  • Your children's needs;

  • The earning power of the parties; and

  • The cause of divorce.

For the full article, click here: How to Plan When You Begin to Think of Divorce

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