Addressing Property Division in Divorce
In most divorce cases, one of the most critical issues is how the property will be split up between both spouses. Fairly dividing assets requires carefully examining the value of the assets, as well as determining the difference between separate and marital property. Furthermore, marital debt needs to be taken into consideration, as that needs to be divided fairly as well. Reinheimer Law Office has many years of experience handling property division. Our experience can help bring about a fair outcome in your case.
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E-mail us or call us at 248-972-5525 to schedule an initial consultation with an experienced lawyer about your family law case.
At our law firm, we understand the value of creativity when it comes to addressing property division. We will strive to work with you to see that your needs are met in the most efficient and effective manner possible. Of course, we know that careful review of the value of property is necessary before we determine a plan for divorce asset protection; an appraisal may be necessary, and we can help you obtain one.
What is the value of the house, the antique cars, the art collection, the retirement funds, business ownerships interests, and other property? One of the most common mistakes when answering this question is to look at how much was paid for each asset. This does not truly represent the value. The value is how much these pieces of property would sell for now, which could be much more, or much less, than what was paid for them.
In addition to determining value, another important aspect of property division is determining what property actually needs to be divided. Although how property is currently titled is not the only factor, it is still relevant to know: What is separate property and what is marital property?
- Separate Property: Generally speaking, separate property is property that was owned prior to the marriage. It can also include inheritances and a few other items. Separate property doesn't have to be divided.
- Community Property: This is the property that was obtained during the course of the marriage that belongs to both spouses as part of the marital estate.
Of course, determining the type of property can get complex, because certain items can be partially separate and partially marital. For example, a house may have been purchased in one spouse's name prior to a marriage, but both spouses eventually ended up paying the mortgage.
We have the skill to sort through all of the details and develop a property division plan that is designed to provide a fair outcome for you.
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For more information about what an experienced attorney can do to help you, e-mail us or call us at 248-972-5525.
