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.
Contact us at 586-600-7623 to discuss your case and the options available.
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