Divorce brings many changes, not the least of which is determining how the marital property will be divided. Other than child custody matters, there is likely not another aspect of divorce that is quite as contentious.
Below are some suggestions for splitting the marital assets in a divorce.
The family home
One spouse may choose to buy the other out, but if the home has a mortgage, that spouse must be able to qualify for a mortgage based solely on one income. In many cases, the best solution is to sell the house and split the proceeds.
What about the vehicles?
If both spouses have their own vehicles, the simplest solution is to each keep of their own cars. But if one spouse is cruising around in a late-model luxury sedan and the other is driving a beater, this option might not be the fairest.
In cases of vehicles with wildly disparate values, one spouse might need to offset the value with a cash payout to level the playing field.
The household items
It’s natural to have strong attachments to the pieces that made up your shared lives. But haggling over every picture and piece of furniture can be maddening. Instead, strive for parity. If your husband wants the gym equipment, ask for the entertainment center and flat-screen television or another high-dollar item of comparable value to the exercise equipment.
Retirement accounts
If you are splitting a 401(k), understand that you will need to have a Qualified Domestic Relations Order (QDRO) executed in order for the non-employee spouse to gain access to any retirement funds. QDROs also can save money in penalties and taxes from any early distributions from the pension funds.
By working closely with your Detroit family law attorney, you can walk away from your divorce with a property settlement that allows you a soft landing into your newly single life.
