Property Settlements

Equitable division of Assets and Debts

The court will equitably divide properties, assets, and debts acquired during your marriage between you and your spouse. Equitable distribution of property is not necessarily equal distribution. The court will determine what property division is fair given the circumstances of your marriage.

At the Shimmell Law Offices, in Grand Rapids, Michigan, our attorney will guide you through the process of property division. Contact us to find out how much of the martial estate you should receive.

Marital versus Separate Property

People come into a marriage with varying amounts of personal property that may be subject to property division. Some spouses have decided these issues by drafting a prenuptial, marital, or settlement agreements. These agreements will expedite the division of property.

If parties have not agreed upon who owns what property prior to a divorce, the court will determine whether property is marital or separate, and divide it equitably.

Separate Property: This includes premarital properties not commingled with marital properties, gifts, inheritances, jury awards, and disability pensions.
Marital Property: This includes properties acquired during the marriage with marital earnings, and premarital properties commingled with marital properties.

Division of Retirement Plans

If acquired during the marriage, earnings from retirement plans are marital property. Before dividing retirement plan benefits, most companies require you and your spouse to obtain a qualified domestic relations order (QDRO) or an eligible domestic relations order (EDRO), for state retirement plans. These orders allow companies to divide retirement benefits, earned during the marriage, among the spouses equitably.

The court considers a variety of factors such as, custody, support, and any prior agreement, during the division of property. It is important to have a lawyer who will protect your interests during this process. To learn more about property division, contact lawyer Dennis Shimmell for a free initial consultation. At the Shimmell Law Offices, we represent people throughout Michigan, including people in Grand Haven, Muskegon, and Kent County.