Factors That Determine Property Division in a Michigan Divorce
Any time a couple decides to separate, the main focus is probably going to be on the emotional trauma involved. However, practical concerns associated with living arrangements and material comforts are likely to take center stage before long. Eventually, a couple is going to have to deal with property division as part of their Michigan […]
Division of Property, Gender, and the Endowment Effect
When you decide something is \”yours\” — or \”ours,\” if you\’re happily married — a funny thing happens. Whether consciously or not, you start to treat that object as though it is worth more than an identical object that doesn\’t belong to you. Psychologists call this the endowment effect, and they\’ve proved in it dozens […]
How Your Inheritance Became Marital Property in the Divorce
One of the most basic assumptions we have about the money left to us by our deceased relatives is that it\’s our money. And in most cases, that\’s pretty reliable — but divorce is not most cases. As it turns out, there are many ways that a pile of money (and this applies to any […]
When Division of Property Gets Crazy: LLCs vs. the Law
Division of property as part of a divorce gets pretty hairy in even the best of cases. But what happens when the process is complicated by a antenuptial agreement and several limited-liability companies? As it turns out, according to the Michigan Supreme Court, you can actually end up with a martial estate worth zero dollars. […]
What Exactly Is “Marital Property” in Michigan Divorce Law?
One of the major portions of a divorce proceeding is the division of assets. As a part of that process, the court is obligated to first create three categories of assets to be divided: a separate property pile for each spouse, and the “martial property” pile. Each separate property pile usually goes entirely to the […]