DEBT ALLOCATION IN DIVORCE
In the typical divorce case, especially those involving significant marital property, the division of assets is one of the most hotly contested issues. Few of our clients initially realize that the allocation of marital debts may be equally as important as other aspects of a divorce and can have an enormous impact on both parties.
We keep this fact in mind as we analyze our cases to determine the original purpose of the debt and any assets with which the debt may be associated. After a full and detailed investigation, one of our experienced attorneys will work hard to ensure that the debt allocation process proceeds smoothly and fairly.
Separate or premarital debt may also be at issue in some cases. Depending upon the nature and purpose of marital debt, the court may decide to allocate certain debt to one party only. In addition, one party may be allocated more debt than the other because of the distribution of assets or property settlement in a divorce.
Under Michigan Law, all property acquired by either party subsequent to the marriage is marital property, except for certain property defined as non-marital property such as property acquired by gift, inheritance or legacy.
At Ziulkowski & Associates, PLC our lawyers help clients resolve many money matters that arise during divorce proceedings.
We Can Help With Money Issues.
Many times clients believe they cannot afford a divorce. In some circumstances, the other spouse may be compelled to pay for all legal fees. This usually occurs when one spouse has worked most or all of the marriage while the other has been a stay at home parent or has worked low paying jobs for the benefit of the family.
What Types of Financial Issues Arise During Divorce?
* What happens if you can't afford to pay the marital debts?
* What happens if circumstances change?
* What happens if your spouse decides to live with a lover?
* What happens if your spouse refuses to pay the mortgage or other marital debt?
WE CAN HELP
Our lawyers will help you solve property problems such as:
Analyzing the value of your assets;
Determining which assets are worth fighting over;
Advising you on your best financial strategy;
Analyzing marital debt and advising you what to do with it;
Analyze and determine the marital status of retirement benefits such as defined benefit and defined contribution pensions, IRAs, investments and 401Ks
Working Toward a Favorable Outcome
Fair distribution of all assets and debts is our goal. We will fight for fairness and what is best for you and your family.
Free Consultation With An Experienced Michigan Divorce and Family Law AttorneyType your paragraph here.