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Practical tips for asset division in divorce

On Behalf of | Jun 28, 2024 | Divorce, Property Division |

Divorce can be emotionally taxing, especially when splitting up your assets. In Michigan, equitable distribution laws govern property division, meaning the court divides assets fairly but not always equally. 

It is helpful to understand some ways to handle the stress of the asset division process without letting the stress take over your life.

Understand what’s at stake

Realizing what’s on the table can help manage expectations. In Michigan, marital property includes assets acquired during the marriage, while separate property usually remains with its original owner.

Focus on communication

Clear communication with your ex-spouse can prevent misunderstandings and unnecessary disputes. Discussing priorities and concerns openly can lead to more amicable negotiations.

Stay organized

Gather all relevant financial documents, including bank statements, tax returns, and property deeds. Being organized streamlines the process and ensures nothing gets overlooked.

Protect your credit 

Ensure that joint debts are addressed during the asset division process. Closing joint accounts and separating liabilities helps protect your credit score and prevents future disputes over unpaid debts.

Consider mediation

Mediation can offer a more collaborative approach to property division, allowing both parties to have a say in the outcome. A neutral mediator who doesn’t take sides can help you talk things out and find solutions that work for both of you.

Take care of yourself

Divorce is stressful, but prioritizing self-care is essential. Take breaks when needed, lean on your support network, and consider seeking therapy to cope with the emotional toll.

Dividing property when you’re getting divorced can be tough. But if you’re patient, talk openly, and make smart choices, it can be easier. Know what you’re entitled to, keep your paperwork in order, and get help from others when you need it.