Protecting Your Financial Interests
Do you feel comfortable closely evaluating and negotiating the division of real estate, bank accounts, retirement accounts, insurance policies, debt and more with your soon-to-be ex-spouse? Most people seek out professional legal counsel and representation to ensure that their property division agreement in divorce is completed properly and thoroughly.
At El Kodssi Law Firm in Dearborn, attorney Hayssam A. El Kodssi guides you through the process while protecting your rights and interests. To be sure, your lifestyle will go through some significant changes during and after the divorce process, but assets can be preserved with proper guidance and advocacy.
How Does Property Division Work In Michigan?
The family law court will ensure that the distribution of assets and debts between each spouse is fair and equitable. However, this does not mean that the division will be an equal 50-50 split. The Michigan family law judge will make a determination on fair and equitable distribution based on several factors, including:
- Your child custody and child support agreements
- Your spousal support (alimony) agreement, which is really part of the property division agreement
- Contributions that both spouses have made to the marriage
- Contributions both spouses made in acquiring marital property
- Length of your marriage
- Standard of living during your marriage
- Age and health of each spouse
- Income and employability of each spouse
What Is Marital Property? How Will It Be Divided? How Will A Lawyer Help?
Your assets acquired during or commingled during your marriage will be defined as marital property, although there might be some exceptions. For this reason and to ensure that your assets are fully and properly evaluated, it is critical to work with an experienced property division attorney who can effectively negotiate an agreement in your best interests.
Your marital asset division may include:
- Retirement accounts and pensions (e.g., IRA, 401(k), 403(b), company pension, military pension)
- Stock options
- Insurance policies
- Real estate
- Family business assets
- Debts, including business, mortgage, credit card and tax debts
- Loans and other personal property
Speak With Hayssam A. El Kodssi About Your Property Division
We provide services in English, Arabic and French.