Tag Archives: property division

selling marital home

Advantages to Selling the Marital Home Before Divorce

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Michigan Attorney Kathryn Wayne-Spindler recently participated in the Institute of Continuing Legal Education Family Law Seminar where Elizabeth K. Bransdorfer of Mika Meyes PLC in Grand Rapids presented the session, “Selling the Marital Home During the Divorce Case.” When divorcing, there are a couple of typical scenarios regarding the marital home. One party continues to live in the family home. One of the spouses may “buy-out” the other spouse’s half of the family home. This can be in the form of trade-offs for other property, assets, income or a smaller share of the joint debts. In some cases, the parties Continue Reading…

10 years: Divorce Statute of Limitations

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10 years. That’s how long Michigan courts allow ex-spouses to execute the terms of a Judgment of Divorce. The Divorce Statute of Limitations applies to: Completing a Qualified Domestic Relations Order for division of future pension or retirement funds Signing over a Quit Claim Deed Enforcing an order to refinance or sell the home and split the proceeds Specific other terms negotiated in the division of assets “This is a crucial topic,” says Washtenaw County Divorce Attorney Kathryn Wayne-Spindler. “There is a limited time to execute the terms of the divorce. Once the 10 years are up, unless you and Continue Reading…

silver separation

Four Advantages of Silver Separation

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The term Silver Divorce has been tossed around for years but not much is said about Silver Separation. There are many sources for the label. Some say it’s for the color of the participants’ hair, reaching their Silver Anniversary (25 years) or the large amount of “silver” (read assets) involved in the dissolution of the marriage. But there may be an alternative to divorce for older couples. Experienced Howell Divorce Attorney Kathryn Wayne-Spindler explores some good reasons that a Silver Couple might choose Legal Separation over Divorce. Silver Separation may have advantages During a Legal Separation proceeding, the couple negotiates Continue Reading…

tiny home living

Tiny Home Living Appeals to Newly Divorced

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The Tiny Home Living Revolution is changing lives according to websites, television shows and news stories. The concept of building a miniature house on wheels is nothing new. But with media publicity and engineering creativity the fringe trend is turning into a so-called revolution. Some of the mainstream population is embracing the affordability of Tiny Living as well as the simplification. These glorified mobile homes, typically smaller than 300 square feet, can have marble countertops, high-end electronics, steam showers and hardwood floors. With their portability and small footprint, it’s easy to find a tiny lot in almost any community. For Continue Reading…

legal rights of unmarried couples

Breaking up is Hard to Do: The Legal Rights of Unmarried Couples

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What are the legal rights of unmarried couples – who may have parented children together and mingled finances for years – after they break up? Long-term cohabitation is not so uncommon. Couples choose not to get married for hundreds of reasons. Some choose to save the money they would have spent on the wedding, reception and honeymoon. For some, a long engagement got dragged out by life circumstances. Perhaps one partner does not believe in the institution of marriage. Sometimes, what starts out as a roommate situation, became a romance but not necessarily a marriage. Sometimes couples that accidentally became pregnant together Continue Reading…

do prenups work

Celebrity Divorce: Do Prenups Work?

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People are watching the spectacle of Food Network star Bobby Flay’s current divorce from Law and Order SVU actress Stephanie March not only for scintillating gossip but for news of the contested prenuptial agreement as well. Their public argument calls into question the viability of prenup agreements in the fast changing world of high-profile marriage and divorce. It leaves a lot of people wondering, do prenups work? Do Prenups Work? South Lyon Family Law Attorney Kathryn Wayne-Spindler says yes. (If they’re written properly.) “As a third-time husband, Flay had cleverly insisted on a prenup with alimony of $5,000 a month Continue Reading…

Consult an Attorney for Division of Marital Home

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On behalf of Kathryn Wayne-Spindler & Associates, PC posted in Property Division on Friday, November 14, 2014. During the dissolution of a marriage, the marital home is usually the largest asset to divide. In addition, it is often also one of the most complicated assets to split. Many Michigan couples find themselves in a difficult situation when it comes to the legal side of the division of assets. In cases in which one spouse wants to retain ownership of the home, the home often needs to be refinanced. However, this is not always simple. Refinancing requires that the spouse wishing to remain in the Continue Reading…

Division of Retirement Assets in Divorce Impacts Future

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On behalf of Kathryn Wayne-Spindler & Associates, PC posted in Property Division on Wednesday, November 5, 2014. A Michigan divorce can be emotionally difficult and financially challenging. This is especially true for those who are drawing closer to retirement. Many individuals in that position are worried about how property division issues in their divorce will impact their long-term retirement goals. During a divorce proceeding, retirement savings accounts are usually divided in the same way that other assets are split. These include pensions, IRAs and 401(k)s. If this happens, a person may need to work part-time during retirement to make up for his or her lost retirement savings, Continue Reading…

Dividing Debt in Divorce as well as Assets

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On behalf of Kathryn Wayne-Spindler & Associates, PC posted in Property Division on Friday, March 20, 2015. Negotiating a divorce settlement is never easy. For many Michigan residents, divorces involve property division, alimony decisions and child support agreements, all of which can be contentious topics. A few steps may help divorcing individuals to successfully navigate the divorce process and safeguard themselves against money problems following the divorce. Dividing Debt in Divorce Property division is not limited to real estate, but includes all of a couple’s assets. Marital assets often include retirement plans, homes, car and savings accounts. In addition to dividing assets, couples must also Continue Reading…