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.