Many married couples purchase houses and build a life in the home, especially for any children they may have. If you decide to get divorced, you may expect to lose some of your possessions, though will you have to lose your house? The answer to this question is different for each divorcing couple, and you should discuss the details of your situation with a divorce attorney in Michigan. In the meantime, the following is some brief information about how divorce can affect a family home in Michigan.
Division of Property
Michigan divorce law requires that divorcing couples divide their property in an equitable manner.This does not mean that everything has to be divided 50/50, so there are no requirements to divide the equity in your house equally, which often requires selling the home. Instead, you can come up with an arrangement with your spouse that may allow one of you to remain in the home. This is especially preferable for children who might be attached to the home, the neighborhood, schools, or other aspects of the community.
In many cases, you may be able to keep the home, as long as your spouse receives a larger portion of your other marital property. Some people forego their portion of retirement or investment accounts in exchange for keeping the home. Whether such an arrangement is possible depends on the nature of your property and assets with your spouse.
Contact a Divorce Lawyer in Michigan for More Information
Property division is never simple, especially when it comes to houses, business interests, and other complex assets. At McGuigan Law, we will ensure that you receive an equitable division of property in your divorce, whether or not that includes a family home. Call 248.356.9100 or contact us online to set up a meeting with an experienced Michigan divorce attorney.