Land may be sold to ensure that equitable distribution occurs

On Behalf of | Feb 24, 2022 | Marital Property Division |

The state of Michigan is an equitable distribution state, which means that you’ll receive your fair share of the marital estate in a divorce. What is fair in your case will be based on your age, income and other factors. If necessary, a judge may order the liquidation of real estate holdings to ensure that the terms of a divorce settlement are equitable in the eyes of the law.

It may be cumbersome to own a parcel of land

A parcel of land could easily be worth $10,000 or more, and it’s not uncommon for developed lots to be worth $100,000 or more. However, you may not want to own such an asset after splitting from your spouse. It’s also possible that you don’t want to simply cede it to the person who you are divorcing. Therefore, as part of the marital property division process, a judge may order that the asset be sold and the proceeds split in a fair manner.

You’re free to do what you want with your newfound wealth

It’s important to note that you can do whatever you want with the proceeds that you receive from the sale of a marital asset. Therefore, if you want to remain invested in land, you can buy a new lot on your own. You can also choose to invest the money in stocks, put it in the bank or pay down debt that was accumulated during the divorce process.

Generally speaking, you’re entitled to a portion of any asset held inside of a marital estate when you divorce your spouse. This is true even if an item must be sold to ensure that you are getting the resources that you need to live a comfortable life as a single person.