Divorce Settlement Agreement Michigan With Property

State:
Michigan
Control #:
MI-DO-11A
Format:
Word; 
Rich Text
Instant download

Description

This Marital Domestic Separation and Property Settlement Agreement is a Separation and Property Settlement for persons with minor children. The parties do have joint property and/or debts. It provides that it is effective immediately and when a divorce action is filed, the agreement will be incorporated into the Final Judgment of Divorce. It contains detailed provisions for the division of assets and the payment of liabilities, custody of the children, visitation, child support, etc. It also contains provisions allowing for the payment or non-payment of alimony.
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  • Preview Marital Domestic Separation and Property Settlement Agreement Minor Children Parties May have Joint Property or Debts effective Immediately
  • Preview Marital Domestic Separation and Property Settlement Agreement Minor Children Parties May have Joint Property or Debts effective Immediately
  • Preview Marital Domestic Separation and Property Settlement Agreement Minor Children Parties May have Joint Property or Debts effective Immediately
  • Preview Marital Domestic Separation and Property Settlement Agreement Minor Children Parties May have Joint Property or Debts effective Immediately
  • Preview Marital Domestic Separation and Property Settlement Agreement Minor Children Parties May have Joint Property or Debts effective Immediately
  • Preview Marital Domestic Separation and Property Settlement Agreement Minor Children Parties May have Joint Property or Debts effective Immediately
  • Preview Marital Domestic Separation and Property Settlement Agreement Minor Children Parties May have Joint Property or Debts effective Immediately
  • Preview Marital Domestic Separation and Property Settlement Agreement Minor Children Parties May have Joint Property or Debts effective Immediately
  • Preview Marital Domestic Separation and Property Settlement Agreement Minor Children Parties May have Joint Property or Debts effective Immediately
  • Preview Marital Domestic Separation and Property Settlement Agreement Minor Children Parties May have Joint Property or Debts effective Immediately
  • Preview Marital Domestic Separation and Property Settlement Agreement Minor Children Parties May have Joint Property or Debts effective Immediately

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FAQ

Michigan divides marital property using the theory of "equitable distribution". Community property states attempt to distribute property as close to a 50-50 split as possible. Equitable distribution states divide property based on a determination of what's fair under the circumstances of each case.

Michigan is an equitable distribution state. This means courts will attempt to divide property and assets in a divorce in a fair and equal way but it doesn't mean that the assets will always be divided on a 50/50 basis. In a divorce, there are marital assets and separate property.

Marital assets are property that you earn, purchase or otherwise acquire during the marriage. A separate asset can become marital property if you mix it existing marital assets or otherwise use it for the benefit of the household.

Your spouse is not entitled to half of the house simply because he or she made payments on the mortgage principle. Your spouse is entitled to a reimbursement for half of the principle pay down during the marriage (i.e. date of marriage to date of separation).

7 Tips for Creating a Divorce Settlement Agreement#1. Start with the Basics.#2. Include the Details.#3. Confirm Your Agreement.#4. Identify and Divide Assets and Debts.#5. Create a Parenting Plan for Custody and Visitation.#6. Agree on Child Support and Spousal Support (Alimony)#7. Polishing Your Agreement.Conclusion.

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Divorce Settlement Agreement Michigan With Property