Livonia Asset Division in Divorce Lawyers

Allocation of Property Attorneys in Wayne County MI

Valuating and dividing the property that has accumulated during a marriage is often one of the most challenging parts of the divorce process. Your divorce judgment and the assets you receive will provide the financial foundation for your post-divorce life. At Elkouri Heath PLC, our attorneys have nearly five decades of experience with financial considerations of divorce. We are skilled in both the legal and practical elements of asset valuation, and we will work to create an arrangement that places you in a strong financial position going forward.

Farmington Hills Counsel for Property Division

Michigan courts adhere the principals of equitable distribution during a divorce, which means that each spouse will receive a fair portion of the marital estate. It is important to understand that "fair" does not necessarily mean "equal." Instead, the court must determine what is reasonable based on the circumstances of the marriage and divorce.

The asset division process consists of three primary steps:

• Identifying marital assets and debts: Marital property generally includes all property acquired by either spouse during the marriage, with exceptions made for specific gifts to one spouse or inheritances. The marital estate also includes any separate property that has been "commingled" with marital property in such a way that it is no longer identifiable as separate property. Our attorneys can help you determine what assets and debts are subject to division in your divorce;
• Valuating property: Before assets can be divided, each one must be assigned an appropriate value to ensure a fair outcome. We work with business valuation experts, real estate appraisers, and other professionals who can offer insight into the market value of real property, retirement accounts, and other complex assets;
• Dividing the marital estate: It can be challenging to work out an equitable arrangement for dividing marital property, with a large number of factors to consider, including each spouse's age, health, resources, and financial independence, as well as other factors like child custody and tax considerations. At Elkouri Heath PLC, we are committed to helping you maintain an appropriate standard of living after your divorce.

Complex Property Division Cases in Canton, Michigan

Attorneys Susan Elkouri and Symantha Heath are equipped to handle divorce cases that involve complicated asset division concerns, including high-asset marital estates and multi-generational family-owned companies. When a family business represents a large percentage of the marital estate, finding a workable solution that does not involve selling the business can be particularly challenging. Our team works closely with business valuation professionals and other experts to craft creative agreements that meet each party's needs while protecting the viability of the company whenever possible.

In many situations, our knowledge and negotiating skills allow us to create favorable settlements for our clients. If a negotiated settlement is not possible through mediation, collaborative law, or another cooperative resolution method, we are prepared to protect your interests in the courtroom as well.

Call Us Today

If you are approaching the divorce process and have questions about asset or debt division, contact our office. Call 248-344-9700 to schedule a free, no-obligation consultation at Elkouri Heath PLC today. We help individuals and families in Novi, Livonia, Northville, Farmington Hills, Canton, Macomb, Livingston, Washtenaw, Oakland County, Wayne County, and throughout southeast Michigan.