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Division of the Marital Estate/Property Settlement
An equitable division of the marital estate requires both the distribution of the marital assets and the debt accumulated during the marriage. There are many reasons why some courts in Michigan award one spouse a greater proportion of the martial estate than the other spouse, which is why speaking to an experienced Michigan Divorce lawyer is important if you are thinking about getting divorced, or you have been served with a Complaint for Divorce.
In high asset divorces, it is often necessary to retain the services of business valuation experts, appraisers, forensic accountants and other professionals to accurately account for the marital estate. The lawyers at Livingston Law Offices have experience communicating with experts and understand the complexities involved in obtaining the evaluations necessary in determining the value of your marital estate.
Discovering Hidden Assets
- In some cases, one spouse has maintained all the finances and the access to the marital financial documents. Discovery is an important litigation tool utilized in uncovering all the assets and the experienced diligent attorneys at Livingston Law Offices spend the time requesting the documentation from the proper source and reviewing the documents to uncover every marital asset.
- Parties often try to gift assets to a friend or relative in anticipation of a divorce to reduce the marital estate.
- Self-employed individuals often underreport their income and earnings, requiring a detailed analysis of the personal and business financials to determine the actual incomes and business assets held by the parties.
Qualified Domestic Relations Order (QDRO)
- While your divorce judgment will indicate the rights each spouse has to each asset, some marital assets in Michigan require a separate order to actually divide the asset, called a Domestic Relations Order (DRO). A DRO is required when dividing pensions and retirement accounts.