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The affect of asset purchases during the divorce process

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A divorce can be a trying time for all parties involved. Especially if the separation is not amicable, it can be hard to handle.

If you or your ex-spouse makes a new asset purchase, such as a new truck or furniture, how does that affect your divorce proceedings? There are certain factors that determine the answer.

Non-communal state

Michigan is a non-communal state. In other words, the courts see a couple's property as belonging to both parties equally. For a full review of the law, it may be helpful to review Michigan laws governing divorce proceedings.

Asset treatment

In a non-communal state, the courts strive to divide assets fairly. In general, each party receives an equal share of the assets. However, if an individual makes purchases that affect the marital assets, that portion may be deducted from the settlement amount. Therefore, if you or your ex-spouse were to purchase a truck during the divorce proceedings, if the court determines the funds came from marital assets, they may deduct the purchase amount from the settlement amount the purchasing party receives. This could still raise concern for the other individual, seeing as the depreciating value of the purchase may not be equal to the asset value.

Financial restraining order

Different states have financial restraining order laws in place that may prevent an individual from making substantial purchases from joint assets during divorce proceedings. In the state of Michigan, the applicable law would be a funds and businesses restraining order. This also prevents a party from selling or devaluing a family business during the process. If an individual does not heed the restraining order, there are harsh penalties they must face.

These facts are just a few key things you should know in regards to assets during the divorce process in Michigan. Take time to review the law and possibly speak with a knowledgeable attorney so you may fully understand your options. 

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