Understanding Separate And Marital Property
The state of Michigan recognizes a distinction between separate property and marital property. In a divorce, martial property is to be divided between the spouses and separate property is not. The difficulty in the process of property division comes when there are questions about whether a certain piece of property should be considered martial or separate property.
An experienced family lawyer can be a valuable source of information if you are concerned about the division of property in your divorce. At the law offices of Marrs & Terry, PLLC, we have experience in family law courts in Michigan and know how to advise you on the process of divorce.
Separate Property v. Marital Property
Separate property is property that is: owned prior to the marriage; inherited, even if it was inherited during the marriage; or received as a gift, whether that gift was from the spouse or from another person. Some property that begins as separate property can become marital property. An example would taking an inheritance and depositing that money into a joint bank account.
Property that does not meet the above criteria is typically considered to be marital property and will be divided upon divorce in Michigan. If you have questions about specific types of property, including pensions and 401(k) accounts, we can provide the answers that you need and help you understand what to expect in the process.
We Can Help You Navigate Property Division. Contact Us Today.
The lawyers at Marrs & Terry, PLLC, work hard to protect the best interests of our clients through every divorce and family law matters. Contact us to schedule a consultation.