When going through a divorce in Michigan, your assets will be subject to equitable distribution. This is because community property is not recognized in Michigan, meaning that assets will not be automatically subject to a 50-50 split.
It’s important to ensure that you get a fair share of marital assets at divorce. In trying to achieve this, many people put effort into trying to maximize the percentage of assets they are awarded. While this is a significant part of the process, it is equally vital to ensure that all assets are valued accurately. If the assets awarded to you are overvalued, you may get an unfair share of the total value of marital assets.
Be particularly cautious when having the family home valued
The family home is likely the largest asset that will need to be valued. If one spouse wants to keep the family home, the house will need to be valued. You may want to get more than one opinion on the home’s value so that you are confident that it is accurate.
Get organized and value all assets early in the process
All marital assets need to be valued, including things such as sentimental jewelry and clothing. This is why it is important to start early and to assign values to even the most arbitrary items so that you can ensure that you are getting a fair division.
You should also bear in mind that assets can change in value over time, so the valuation date is very important. Make sure that you understand the asset valuation timeline so that you can proceed with confidence.