How do you fairly divide assets in a divorce?

How do you fairly divide assets in a divorce?

Dividing up property yourselvesList your belongings. Working together, make a list of all of the items that you own jointly. Value the property. Try to agree on the value of anything worth more than a specific agreed amount, say $100 or $500. Decide on the logical owner. Get the judge’s approval.

Does it matter who files for divorce first in Michigan?

From a legal perspective, it generally does not matter who files for divorce first. Filing first creates an opportunity to present the court with various orders before your spouse is notified of the Michigan divorce proceedings. The orders are called Ex Parte, which means literally, “on one side only”.

Is Michigan a 50 50 state in a divorce?

No. Michigan divides marital property using the theory of “equitable distribution”. Community property states attempt to distribute property as close to a 50-50 split as possible. Equitable distribution states divide property based on a determination of what’s fair under the circumstances of each case.

Who gets the house in a Michigan divorce?

Michigan is a dual property state, which means family courts divide property into two kinds: separate and marital. Separate Property: Any property you owned before the marriage or any property received by either spouse as an inheritance or gift. Separate property may be awarded to its owner.

How long do you have to be married in Michigan to get alimony?

How long you would pay this spousal support is debatable under Michigan alimony laws, but a rule of thumb is one third of the marriage, so in this case about 8 years. This can vary and is based on other factors, but this will give you a general idea of how spousal support works in Michigan.

What percent of income is alimony?

Calculating Alimony The American Academy of Matrimonial Lawyers supports an equation of 30 percent of the paying spouse’s income minus 20 percent of the receiving spouse’s income.

Does Mi have alimony?

Michigan permits spouses to request spousal support (also called alimony) if the requesting spouse can demonstrate a financial need and the other party can afford to pay. Spousal support is a payment from one ex-spouse to the other during or after a divorce.

Is an inheritance considered marital property in Michigan?

In Michigan, the court does have the discretion to consider an inheritance to be separate or marital property. However, if a spouse receives an inheritance and then combines or “co-mingles” the asset with marital property, the inherited asset is likely to be viewed as having become the property of both parties.

Can you go to jail for adultery in Michigan?

The crime of adultery and Michigan divorce law. Cheating on your spouse in Michigan is a felony. Typically, felonies are crimes punishable by a minimum of one year in jail. Contrary to popular belief, adultery is still a crime in Michigan, however application of the statute can lead to an absurd and unfair result.

How much is a divorce lawyer in Michigan?

The attorney fees vary with the complexity of the case and the success of negotiations. Most divorces will cost between $2,500 and $5,000 in any case. A highly contested divorce could cost ten times that ($20,000 to $50,000) or more. That is one of the reasons that mediation and compromise are so attractive.