In Michigan, assets and property of the marriage, also known as marital assets, are subject to equitable distribution. This means that the court has discretion to distribute the assets in any manner it sees fit, and in doing so, courts will take into consideration a variety of factors, including such things as age of parties, length of marriage, and lifestyle or status. The court is guided by standards of fairness and equity.
Generally, bank accounts, investments, royalties, stocks or bonds, and brokerage accounts are all considered marital property that may be awarded to one spouse or the other or distributed between the parties as the court so determines. In the event that investments are acquired through inheritance or devise or prior to the commencement of the marriage or after its termination, the court may deem the property separate property, and it may be awarded to the party in whose name it is held.
It is important to speak to a qualified attorney to ensure that your rights and financial interests are protected. Attorney Chatterton can advise you on the particular facts and details in your case as it relates to the distribution of your marital assets. Contact our office today, and let the knowledge and experience of Attorney Chatterton provide you with a legal remedy and peace of mind.