Like most states, Michigan employs an equitable distribution approach to asset division during divorces. Equitable distribution rules prioritize fairness, which is different from community property rules in some states that require an even division of assets.
Couples in high-asset marriages may have a variety of different resources that they need to address when they divorce. It can be very challenging for spouses to determine how to split their resources and financial obligations with one another. If they cannot reach a settlement to pursue an uncontested divorce, then they must litigate. A family law judge then decides what should happen with their property.
How can spouses approach property division to resolve their disagreements and set their own terms?
By setting goals early
Frequently, people only address different property division issues as they arise. This approach may lead to emotions overwhelming people. They may engage in counterproductive and even irrational behavior.
Setting specific priorities helps people control their emotional responses and focus on the big picture during divorce negotiations.
By properly valuing assets
Inappropriate resource valuation can undermine the overall fairness of a property division settlement. Spouses may need to work with professionals, including appraisers and even forensic accountants, to identify and properly value all marital assets.
By compromising occasionally
Making certain concessions in good faith can help facilitate a more amicable property division settlement. Spouses who demonstrate a willingness to meet one another halfway can potentially find ways to work together and settle property division matters successfully.
Learning more about property division statutes can help people prepare for the challenges ahead. Couples with more assets often need support as they push for fair property division terms, and that’s okay.