Experienced Counsel for the Division of Marital Assets and Debts in Traverse City

Skillfully managing the division of your marital property in northern Michigan

One of the most complex and often contentious parts of a divorce is the division of marital assets. Dividing investments, bank accounts, real estate, businesses, vehicles, retirement accounts and personal belongings requires knowledgeable and experienced attorneys. The Phelps Legal Group has years of experience successfully handling the division of assets in a divorce, especially in high-asset cases.

How are assets divided in a divorce?

Items you owned before the marriage generally are separate property and are not divided in the divorce. Anything that was earned or acquired during the marriage (except for gifts, inheritances and personal injury awards) is community property, and is divided in the divorce. The assets that are divided include real estate, investments, vehicles, cash, personal property, professional licenses and more. Debts that were acquired during marriage must also be divided. Our divorce attorneys work hard to make sure you receive your fair share of the property in your divorce.

How are businesses valued in a divorce?

A business valuation determines the worth of a company when it is among the assets to be divided in a divorce. A business appraiser determines the value of a business by considering its tangible assets:

  • Cash
  • Inventory
  • Accounts receivable
  • Equipment
  • Real estate

and its intangible assets:

  • Contracts
  • Patents
  • Copyrights
  • Trademarks
  • Goodwill

The Phelps Legal Group is experienced with business valuations in divorce. Everything we do is intended to protect our client’s interests.

Sometimes, a spouse tries to hide assets during a divorce

Michigan law requires complete disclosure of assets during a divorce. It is your attorney’s job to make sure your spouse discloses all assets, so they can be valued and divided. Some commonly overlooked assets include:

  • Stock options
  • Bonuses
  • Salary increases
  • Tax refunds
  • Employee benefits
  • Loyalty points and rewards
  • Survivor benefits
  • Valuable collections, such as antiques or art
  • Custodial accounts set up in the name of a child
  • Business contracts that were signed during the divorce

The Phelps Legal Group knows how to expose hidden and undervalued assets. Rely on us to make sure all of your spouse’s property is fully valued.

Contact our office to discuss your division of assets

Call the Phelps Legal Group office today at 231-421-6577 or use our online contact form to schedule an appointment. Our office is on the corner of Grandview Parkway and M-72 in Traverse City. We are ready to talk about your division of assets today.