In Michigan, the law aims to achieve an equitable distribution of property, considering various factors such as the contributions of each party, the needs of the parties, and the circumstances of the case. The distribution does not necessarily have to be equal but must be fair and just.
The following rules provide guidance:
- The court must make a determination as to whether the marital home is marital or separate property. It will almost always be considered marital property regardless of whose name is on the deed or mortgage.
- The court may award it to one spouse, order it to be sold, or order a trustee to manage its maintenance and disposition.
- If one spouse is awarded ownership of the marital home the other spouse will likely be awarded an equitable share in its value.
- The equitable share does not necessarily mean that it is equal to the value awarded to the spouse who is awarded the marital home. What is “equitable” requires a consideration of all relevant circumstances.
- A key factor might be the extent to which each spouse contributed to its acquisition, improvement, or accumulation, as deemed equitable under the circumstances
Please feel free to contact us if you have any questions about this or any other important legal issues/inquiries.
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