Michigan Property Settlement

A property settlement is the division of all of your assets and debts in you divorce.

How is your property divided

• In a Michigan divorce, the parties are usually each awarded half of the assets and half of the debts of the marriage.
• There are exceptions to this general statement, such as
  • non-marital property,
  • inheritance,
  • property owned prior to the marriage, and
  • if there is fault in the breakdown of the marriage the court may award more of the assets to one party.
• Due to these exceptions, and some others, you will need to discuss the particulars in your specific case with a Michigan divorce attorney to determine what your potential settlement may be.

Taking an inventory

• In preparing to divide your property, take a complete inventory of your assets and debts.
• Make a spreadsheet that includes the names of the accounts/assets and their values.

Agreeing on a Property Settlement

• In a Michigan divorce, the parties to a divorce usually settle their property rights after negotiation.
• Property settlement negotiations may be done
  • between the spouses themselves,
  • with the assistance or their attorneys, or
  • with the assistance of their attorneys and a neutral third party mediator
• If the parties come to an agreement as to how to divide their property, they must be absolutely sure that they understand and agree to the settlement.
• Once your judgment of divorce is entered with the Court, the property settlement may not be modified, except in cases of fraud or clerical error.

What if we can’t come to an agreement

• If a settlement cannot be reached, the matter can be decided at
  • binding arbitration or
  • by the Court after a trial.

How the Court rules on a Property Settlement

• In determining property issues at arbitration or trial, a Michigan Family Court Judge will usually consider the following:
  • Length of the marriage
  • Contributions of the parties to the marital estate
  • Age of the parties
  • Health of the parties
  • Life status of the parties
  • Necessities and circumstances of the parties
  • Earning abilities of the parties
  • Past relations and conduct of the parties
  • General principles of equity

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