When a couple goes through a divorce, child care and alimony are often some of the first things they think about. Dividing assets can be very tricky for couples who have never had to place monetary value on the items they own together.
A Few General Guidelines About Asset Distribution To Keep In Mind:
In general, anything purchased during the course of the marriage is considered to be split equally among both parties, but there are some exceptions to this rule.
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The general rule in Michigan is that an engagement ring/wedding ring is a gift given in exchange for a promise to marry. The promise is complete on the day you marry. If there is a divorce, that gift remains the property of the one who received it.
There is a lot in this question, I will try to answer some of the basis things that are popping out. Generally, student loans are not divided in a divorce on the idea that the party who received the education is keeping the benefit of the education so they should keep the cost of the education. Any debts that are joint (in both parties names) or entered into by either party DURING the marriage are generally debts that have to be divided.
Michigan is an equitable property state. Assets and liabilities are either considered marital (part of the marriage) or separate (retained by one of the parties). The marital assets must be divided roughly equally. Separate property is not divided.