When you are expecting a high asset or high net worth divorce in Michigan, you will likely need to anticipate the classification and valuation of different forms of complex property. Even in many other divorce cases in which the spouses are not high earners, the divorce may still involve complex property. There are many different types of complex property, and some or all of it may be divisible under Michigan law. According to Michigan law, property in a divorce will be divided into marital and separate (or nonmarital) property. Only the marital property will be divided in the divorce, and this usually includes most property acquired after the date of marriage unless it falls under one of the exceptions.
What is complex property? Generally speaking, complex property can refer to any high-value property or any assets that are complicated to value or appraise. We want to provide you with additional information about some common types of complex property that might arise in your divorce case.
Business Holdings
Businesses can be extremely complex assets, especially when businesses are owned by multiple parties, or when one of the spouses has stock options and other investments through a business. The business will need to be appraised, and the court will need to determine how much of the business ownership should be classified as marital property. In situations in which one spouse is in a partnership, or is an owner of an LLC, it could be necessary for the business to close if the parties cannot reach an agreement. If you own a business, it is essential to have a divorce lawyer on your side who can help.
Collectible Items
Items that make up a valuable collection, such as works of fine art, can be extremely difficult to classify and to value. Often it is essential for both spouses to work with an appraiser and to analyze previous insurance appraisals and current market assessments. When a married couple owns items that are of such a nature that the value shifts significantly with market demand, such as rare books or paintings, it can be difficult to determine an appropriate market value to which both of the parties agree.
Retirement Assets
Retirement assets can be complicated to classify, and they can be complicated to divide. Michigan couples have many different types of retirement accounts, and it can be complex to determine the portion of those assets that should be classified as marital property.
Real Estate
Real estate holdings, especially out-of-state and international real estate, can be extremely difficult to classify and to value in a divorce. If you and your spouse own property in another state or another country, it is essential to have a divorce lawyer who can help to ensure that these assets are appropriately classified and appraised.
Contact an Experienced Michigan Divorce Lawyer
Do you have questions about the division of marital property or how complex assets will be handled in your Michigan divorce? An experienced Michigan divorce lawyer at our firm can speak with you today about your case. Contact the Law Offices of Michael A. Robbins to learn more about how we can assist you.
