What constitutes marital debt and assets?

divorce attorney Jill DuffyQuestion:

Are credit cards or bank accounts that are only in one person’s name considered marital property subject to property division when a couple divorces?

Answer:

In Michigan where I practice, any assets or liabilities acquired during the marriage are considered marital property.

The term of the marriage begins at the date the marriage is solemnized (the wedding) and ends upon entry of a Judgment of Divorce. Regardless of whose name the asset or liability is in, property acquired during that time is considered marital.

However, in short term marriages, the judge will usually seek to put the parties in the situation they were coming into the marriage. The judge will normally divide the assets and liabilities based on who owns them in a short term marriage.

A party with a liability they want to share would have to show that the liability came about because of the marriage and benefited both parties.

A party who would like to keep an assets (such as a bank account), would have to show that the asset did not gain value by reason the marriage.

Do not rely on this information as establishing an attorney-client relationship. Contact an attorney immediately for assistance.

Cordell & Cordell represents men in divorce nationwide.

 

Jill A. Duffy is an Associate Attorney in the Troy, Mich., office of Cordell & Cordell. She is licensed to practice in the state of Michigan. Ms. Duffy received her BA in Psychology and Spanish and graduated Magna Cum Laude from Oakland University. She received her Juris Doctor from Michigan State University College of Law and graduated Magna Cum Laude.

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