How are marital assets divided in a divorce in Michigan?

How are marital assets divided in a divorce in Michigan?

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.

What percentage does a wife get in divorce?

U.S. Divorce Rate per 1000 Married Women 5. The divorce rate per 1000 married women is nearly double that of 1960, but down from the all-time high of 22.6 in the early 1980s. 6. Almost 50 percent of all marriages in the United States will end in divorce or separation.

How is money split in a divorce?

At divorce, community property is generally divided equally between the spouses, while each spouse keeps his or her separate property. Equitable distribution. In all other states, assets and earnings accumulated during marriage are divided equitably (fairly), but not necessarily equally.

Am I responsible for my husband’s debt if we are separated?

When Are You Responsible for Your Spouse’s Debt? After a legal separation or divorce, a debt is generally owed only by the spouse who incurred the debt, unless the debt was incurred for family necessities, to maintain jointly owned assets (for example, to fix a leaking roof), or if the spouses keep a joint account.

Is husband liable for wife’s credit card debt?

In common law states, you’re usually only liable for credit card debt if the obligation is in your name. So, if the credit card is only in your spouse’s name, you’re typically not liable for that debt.

Is it better to stay in an unhappy marriage or get divorced?

If the answer is yes, then a divorce can be advantageous. However, if divorce will expose your children to diminished resources, such as more conflict and more difficulty parenting, the answer may be to stay with your spouse – at least for the time-being (unless there is abuse).

Is my husband entitled to half my savings?

If you opened a savings account during your marriage, it’s technically a joint account. even if it’s in your name alone. Your spouse gets a portion of it. How much may depend on whether you live in a community property state or an equitable distribution state.

Can I move my money before divorce?

Transferring Marital Assets This is unlawful under state law, which prohibits divorcing spouses from intentionally mishandling, hiding, or wasting marital property. This includes selling or spending assets and funds, as well as transferring property to a third party without the other spouse’s consent.