Michigan is an equitable distribution state (not a community property state), which means that a judge can decide how to divide debts and assets. In many cases, the judge will look at the assets and debts each party brought into the marriage, and the property and debt obligations acquired after the marriage.
This means that all property, assets, and debt must be disclosed. It also raises two significant issues regarding the valuation of property and assets:
These questions are important, and can dramatically affect how much you receive during the division of assets and debt. The following are some examples of assets with valuation issues:
At the Law Office of Thomas Loeb, I will personally work with you to identify issues and then work with the appropriate experts and professionals to present your issues in the best possible light. I will also work with your tax professional to take into account tax considerations in handling your property division. During my 39 years of practicing law, I have worked with many excellent experts who can assist us with valuation issues.