Michigan is an equitable state. In determining the division of marital assets in a divorce, the court will take into consideration the following:
Therefore, the court may award one party more than 50 percent of the assets. Property that belonged to a spouse prior to the marriage, and assets that were inherited or gifted during the marriage and kept separate during the marriage, may be awarded to that party as that parties separate property. Employer-provided retirement funds acquired during the marriage are considered marital assets to be divided.
There are 14 factors established by case law that are taken into consideration in determining spousal support, and they are as follows: each party’s past relations and conduct, the length of the marriage, each party’s ability to work, the source and amount of property awarded to the parties, each party’s age, each party’s ability to pay spousal support, each party’s present situation, each party’s needs, each party’s health status, each party’s prior standards of living and whether or not the parties support others, each party’s contributions to the joint estate, each party’s fault in causing the divorce, how cohabitation affects the parties’ financial status, and general principles of equity. There are general guidelines in Michigan that help establish these factors but are not binding on the court. The age of each party, the length of marriage, and each party’s ability to enter the workforce, are heavy considerations.
All issues have to be resolved before a divorce is finalized. The courts won’t divide the issue and the judges will want a complete finalization of all of the issues in a judgment of divorce. If the parties ultimately cannot agree on all of the issues, then the judge will make a determination.
A typical divorce that does not involve children cannot be finalized within a shorter period of time than two months from the date that the divorce was filed. A typical divorce that does involve children cannot be finalized within a shorter period of time than six months from the date that the divorce was filed. However, if it‘s determined that the parties have reached an agreement on everything and that it is in the best interest of the children to finalize the divorce, then a judge will waive the six-month time period. The courts have determined that a divorce with children should be finalized within one year of filing, and that a divorce without children should be finalized within six months of filing.
The length and cost of a divorce in Michigan will depend upon the issues involved, such as whether or not an appraisal of property or a business is needed. If it is, then it will have to be determined whether each party will hire their own appraiser or share one appraiser. It is not unusual for a business appraisal to cost $5,000, but the value of a business is a major asset in divorces. If one party is awarded the business in a divorce, then the amount owed to the other party for interest in the business will have to be determined. Divorce cases that involve children tend to be a little bit more expensive. In some cases, it’s necessary to hire an outside psychologist regarding the parenting schedules and custody issues; doing so can cost $2000 to $5000 or more. While it’s hard to say what an average attorney will charge, I can say that if a case involves issues regarding custody and parenting time, then it could cost more than $10,000.
For more information on Division Of Property & Assets In Michigan, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (248) 869-0030 today.