Michigan Divorce & Finances
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UPDATED: Feb 26, 2020
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Joint finances, assets, property and debts need to be sorted out when a couple divorces. Michigan has its own system and rules for determining how finances are divided at divorce. How will you divide property? Will there be tax consequences? Do you need to consider estate planning consequences? Will there be spousal support, and if so, how much and for how long? Following are laws specific to Michigan Divorce and Finances.
Michigan Property Division/Community Property/Debts:
Michigan is an equitable distribution state. This system is also called common law or marital property. For an explanation of community property rules and the division of property in community property states, see Dividing Up Property in a Divorce: Community Property vs. Equitable Distribution.
Michigan Spousal Support:
Spousal support, called alimony in Michigan, is a regular amount of money that a court of law orders a person to pay to their partner after a divorce. Whenever the court issues a decree for divorce, the court may also issue an order at the same time that either the husband or wife pay support to the other spouse. Alimony may be ordered if the property awarded to a party in a divorce is not sufficient for that party’s maintenance. The amount of alimony and the length of time it will be paid are determined by the court after considering the ability of either party to pay and the character and situation of the parties, and all the other circumstances of the case. As an alternative to spousal support, the court can adjust the property division between the parties.
You may need a lawyer to help you deal with the financial aspects of your divorce if you and your ex cannot agree. You can find a lawyer at:
Michigan Divorce/Child Support/Child Custody Lawyers:
Find an experienced Michigan Divorce Attorney at AttorneyPages.com
Find an experienced Michigan Child Support/Custody Lawyer at AttorneyPages.com
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