QUESTION
Is future unpaid bonus money subject to asset division?
Asked on Jan 07th, 2016 on Divorce - Michigan
More details to this question:
In Michigan, I accepted a 240k bonus in 2014 for a 4 year commitment. My spouse and I decided to accept 60k annually. We are now in divorce proceedings. I will receive 60k in fall of this year and next. In Michigan is this future unearned and unpaid bonus money divisible?
2 ANSWERS
Family Law Attorney serving West Bloomfield, MI
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Law Offices of Eugene Lumberg and Eric S. Lumberg
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Because it was earned during the marriage and you and your spouse elected to have it paid over time, your spouse could claim this bonus as marital property to be divided. Consult with a family law attorney in Michigan to discuss your options further.
Answered on Jan 11th, 2016 at 5:09 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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All divorces are individual and the facts of the agreement both with your employer and the deferred income contract will be relevant. I would most strongly suggest that you hire an experienced domestic relations attorney to assist you in sorting this and all of the other matters which are common in divorce out to a fair and equitable end. I am sorry that your marriage failed.
Answered on Jan 11th, 2016 at 5:09 PM