MARITAL PROPERTY: WHAT IS IT?
Bank accounts, equities, retirement savings, real estate, residences, and other assets fall into one of two categories: marital assets or separate assets.
Distinct Assets
are typically things you brought into the marriage, but it's also possible that they refer to inheritances you received while you were married or gifts of cash or property.
Macomb County Divorce Attorney
Marital Resources
generally consist of the assets (and liabilities) accumulated throughout the marriage. Along with anticipated future assets like stock options tied to employment, it can also include earnings from independent assets throughout the marriage.
What Concerns Depreciated Assets?
More and more couples are discovering that their mortgage debt exceeds their home's market value in the present property market in the Detroit area. This needs to be taken into account when dividing assets fairly, or you might want to think about selling your house quickly. Significant financial penalties or responsibility may follow from this. As we divide up your assets, we can assist in reducing or eliminating this risk. We can also assist you with short sale negotiations.
Have trouble with your finances?
The largest contributing factor to divorce is financial issues. Before going to divorce court, it could be a good idea to file for bankruptcy. This can simplify property split and ensure that neither spouse is left with unpaid marital debt following the divorce. Give the Great Lakes Bankruptcy Center a call at 800-903-1258 if you want guidance on when it would be best to file for bankruptcy in your specific situation.
