GRAND RAPIDS, Mich. (ABC 4)- How is property divided during a divorce? Thacker Sleight, our legal expert, answers!
According to Thacker Sleight, Michigan law requires courts to divide marital property and debts fairly, not equally. Most property acquired during your marriage, like your marital home, cars, and retirement plans, is marital property, regardless of the name on the title.
Your separate property includes items owned before marriage and those received as gifts and inheritance. In general, all debts acquired during the marriage are marital debts, and it doesn’t matter who made the purchase or whose credit card was used.
If you and your spouse agree on the division of your property and debt, the court will review your settlement to make sure it is fair. If you can’t reach an agreement, the court will consider several factors to decide for you.
For more information, visit Thacker Sleight’s website.
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