Filing for divorce is an emotional decision that is usually the result of an unhappy marriage. Life is short, and you should always strive to move toward a happier life. While divorce may help you get out of an unhappy relationship, it may also present you with financial struggles if you do not plan properly.
If you are considering filing for a divorce in Michigan but you are worried about the possible financial implications, you should take the time to understand marital property laws in Michigan.
Community property is not recognized in Michigan
Some states in the country recognize community property. In these states, all marital assets are subject to a 50/50 split at divorce. However, Michigan is not one of these states. Instead, all marital assets are split between spouses according to equitable distribution. This means that the courts will usually take several factors into account to determine what is the fairest outcome for both parties.
Will equitable distribution lead to a better financial outcome for me?
While equitable distribution does not guarantee a better financial outcome for both parties, it does promise a fairer outcome. The courts will do what they can to ensure that neither party will be severely affected by financial insecurity after the divorce has been finalized. For example, if you are currently unemployed but your spouse has a good income, you may be entitled to a greater share of the marital assets to compensate for your lack of income.
If you are considering filing for a divorce but you don’t want to get into financial difficulties, you should take the time to understand the likely outcome of divorce proceedings.