Sheehan & Associates, P.L.C.

Unconventional assets and property division in Detroit

So, you and your spouse have worked your property division out in anticipation of Michigan's equitable distribution laws and are ready to divorce. However, we have a couple of questions to ask you before you head into the courtroom. Have you taken any unconventional assets you may share into account, and are you really sure you are prepared?

At this point many people ask, "What are unconventional assets?" They have no clue what we are talking about at first. It is only when we begin to explain that a light bulb goes off and they realize that they are not quite ready after all.

The existence of unconventional assets is one way the property division process can suddenly become chaotic. We would like to take this opportunity to explain what some of these assets are in hopes of helping you make sure you are ready to divide your property after all. Examples of unconventional assets include:

-- Credit card rewards

-- Frequent flier miles

-- Mineral rights

-- Intellectual property

-- Club memberships

-- Cemetery plots

-- Tax refunds

While separately or jointly owning these kinds of assets is one thing, determining their value makes the situation especially tricky during property division. Acquiring a lawyer experienced in asset valuation will help you and your spouse face these unusual property issues in a smooth and timely manner.

The takeaway here is that in today's world, just about anything can be identified as marital property or assets. Even the cost of one spouse's education has value if the other spouse contributed to that education. You can learn more about property division matters in Detroit on the pages of our family law website.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Tell Us About Your Legal Concern. We Will Respond Promptly.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Sheehan & Associates, P.L.C.
1460 Walton Blvd , Suite 102
Rochester Hills, MI 48309

Toll Free: 877-600-7891
Phone: 248-218-1473
Fax: 248-650-5368
Map & Directions

map