If you plan to end your Michigan marriage, one of the things you and your spouse will need to do as part of your divorce proceedings is to make a fair and equitable property settlement agreement. But unlike in community property states where the law says that divorcing couples must divide up the marital property 50/50, you and your spouse need not do this.
The Huffington Post explains that all you need do is divide your marital property in a manner that is fair and equitable to both of you.
Fair and equitable considerations
To help you arrive at an equitable distribution, think about the following things:
- What are your and your spouse’s respective ages and health statuses?
- How much does each of you earn at your current job?
- How much likelihood exists that one or both of you will receive an increase or decrease in salary within the next few years, and if so, in what amount?
- How long have you been married?
- What standard of living have you established during your marriage?
- What types and amounts of nonfinancial contributions have each of you made to the marriage?
Another thing you should keep in mind is that Michigan’s equitable distribution law applies only to the marital property and assets you and your spouse have accumulated during your marriage. Any separate property that either of you owned prior to the marriage or received during it, such as by gift or inheritance, belongs to that spouse alone and does not become part of the equitable distribution.
This is general educational information and not intended to provide legal advice.