Michigan, and other states throughout the nation, are experiencing a rise in gray divorces. Gray divorce is a term used when older couples divorce. At this later point in their lives, older couples can amass plenty of valuable belongings. This situation creates the issue of how these individuals can fairly divide their assets.
Create a clear inventory
Valuable items come in many forms. You may have a collection of items valuable only when they’re together. Other valuable items can also be singular, potentially including memorabilia, comic books, furniture, coins and jewelry. With so much at stake, it’s crucial that no one makes mistakes. That’s why you and your former spouse must take inventory of all your valuable items.
Prioritize what you want
As nice as it would be, you’re unlikely to walk away from a gray divorce with every valuable item you obtained during your marriage. But you can still endure your divorce and be in good shape afterward by prioritizing what you want. You might have to make a few sacrifices. But that’s better than losing all your valuables.
Appraise your valuables
If you or a former spouse own exceptionally rare or unknown items, getting appraisals can be a smart decision to know an item’s true worth. Having an expert determine the worth of you and your ex-spouse’s possessions ensures both parties walk away with equal assets.
Michigan is a marital property state. This designation means that assets acquired in a marriage are subject to equitable, or equal, division. Because of that, it’s imperative to accurately document any assets you acquired before getting married. You shouldn’t have to worry about a court awarding valuables you received before your marriage.