Michigan is an equitable property division state, meaning any asset you shared with your spouse will be up for property division during a divorce. The only exception to this is if you had a prenuptial agreement specifying how the property would be divided in the event of a divorce. Separate property, or anything you acquired before the marriage or after the date of separation, is usually exempt from property division.
Part of what takes so long is a valuation of the various assets of one or both spouses. Businesses, investments, real estate, and stock options or intellectual property all must be valuated to determine their worth. Only after this is done can the property division process begin. Some couples hire a valuator to help price their assets, while others rely on forensic accountants to help find and total all assets of either or both spouses.
In a high net worth divorce, one of the spouses might hire a forensic accountant to speed up the process. This individual is trained to analyze, interpret, summarize, and present complex financial and business-related issues in a way that is both understandable and properly supported. They can also help find assets that may have been hidden by one spouse from the other for purposes of an affair or hiding assets during the divorce.
Contact Our Skilled Attorney Today
If you’re a high net worth individual seeking a divorce, don’t hesitate to talk to our skilled Oakland County divorce mediation attorney. Civilized Divorce is a leader in the industry, offering a streamlined divorce process, and a discreet, manageable way to handle divorce. Our founding lawyer, Edward Shaw, is a highly rated attorney who has been trained in mediation techniques and can help couples negotiate the complexities of dissolution. Let us see what we can do for you.