Michigan is an equitable division state, according to Michiganlegalhelp.org, so all awards are made based on what the judge believes is fair, rather than an equal split of all marital property. While it is possible for the settlement to result in a 50/50 division, it is also possible that there will be an unequal distribution. Factors such as each spouse’s need, the length of the marriage and the events leading to the dissolution will be considered when the judge issues the final order.
While bank accounts may be fairly straightforward to divide, antiques, vehicles, properties, jewelry and other similar assets must typically have a dollar amount assigned to them. Although the couple may be able to agree about who gets what based on personal wishes, according to Forbes.com, valuation experts or forensic accountants are often hired to ensure that the division is fair.
Bankrate.com warns that how retirement assets are divided can affect their worth. For example, an account may be subject to penalties or extra taxes. In some cases, a transfer to a new account may be possible without negative consequences.