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Gates Law Office, P.C.
40900 Woodward Avenue
Suite 111
Bloomfield Hills, MI 48304
Phone: 248-862-6364

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What You Need To Know About Property Division

In Michigan, the standard is equitable division for property and debts. But what does this mean in practice? Dividing property in divorce can quickly become one of the most contentious issues in the process. You need an experienced lawyer to protect your interests.

Since 1991, the Gates Law Office, P.C., has been assisting clients through the divorce process in Oakland County and Southeastern Michigan. Our founding attorney brings not only decades of experience in family law but also a past background in business and tax law. Here are some basic answers to questions about asset division.

When To Bring In An Expert?

The court generally relies on the parties to provide information about the value of their property. For a vehicle, a Kelley Blue Book value might be sufficient. Other assets can be more difficult to value such as future pension benefits, deferred compensation, stock options, closely held business assets, jewelry or collections.

Any time that there is concern about the value of an asset, an expert should be consulted. Forensic accountants can provide assistance on properly valuing a family business or locating assets that are hidden or have disappeared. Experts who specialize in certain fields can offer valuations for coin collections, vintage cars or jewelry, and art acquired on travels over the years.

How Does The Court Value Property?

Similar to decisions regarding child custody and spousal support, a judge will consider numerous factors in coming to a decision. Some of these include the needs of the parties and their children and how the property was acquired.

Identifying all property along with its correct valuation is an essential piece in obtaining a fair property settlement. To schedule a free initial consultation at our Bloomfield Hills office, please call 248-862-6364 or send us an email.