One of the practical parts of marriage is the joining of assets. While there might be individual ownership of pre-marital assets, you and your spouse hold much of what you own in common. In divorce agreements in Michigan, the division of property is one of the most challenging tasks. Not only does this process take an emotional toll, but there can be complications depending on the types of property you own.
The basic property division process
The goal of property division is a fair split between the two parties. For money in checking and savings accounts, this task is often a matter of simple division. However, for physical items, the couple must look at the value of the assets. A new car is worth more than one that has been on the road for a few years.
Couples may also need to look at selling some of their possessions. If a house is one of the largest assets, it may be necessary to put it on the market to turn it into liquid funds.
Potential complications
The world of finance is changing, bringing new complications to asset division. As part of the process, couples are supposed to disclose all of their assets. This step can be difficult if a spouse has invested in a non-traditional product like cryptocurrency.
Deferred income is another issue. State pensions and executive-level compensation products may not be accessible until a spouse retires, long after the divorce is final.
Working with experts to make it through
If you are dealing with a divorce, it is critical that you work with experts who can offer a fair value for complicated finances. Hiring a specialist may increase the cost of the divorce proceedings, but it will help you arrive at a fair solution.
