Dear [Spouse's Name], I hope this letter finds you in good health and spirits. In accordance with our ongoing divorce proceedings, I am writing to provide a detailed list of our liabilities and assets that need to be addressed and divided fairly. The purpose of this letter is to ensure transparency and facilitate a smooth process for both parties involved. Liabilities: 1. Mortgage: Our primary residence located at [address] currently holds a remaining balance of EX. The monthly mortgage payment amounts to EX. 2. Auto Loans: We have two vehicles under our ownership. The first vehicle, a [make and model], has an outstanding loan balance of EX, with a monthly payment of EX. The second vehicle, a [make and model], has a remaining loan balance of EX, and its monthly payment amounts to EX. 3. Credit Card Debt: As of the date of this letter, we have outstanding credit card debt amounting to EX. This debt includes credit cards held under both our names, with individual and joint liabilities. 4. Personal Loans: We have two personal loans to address. The first loan, taken by [Spouse's Name], has an outstanding balance of EX, with a monthly payment of EX. The second loan, taken by [Your Name], has a remaining balance of EX, with a monthly payment of EX. 5. Other Liabilities: It is important to note that we may have additional liabilities such as student loans, tax debts, or outstanding medical bills. We must review and address these liabilities as well to ensure a comprehensive settlement for both parties. Assets: 1. Real Estate: Besides our primary residence, we jointly own a rental property located at [address]. This property's current market value is estimated at EX. Additionally, we have a vacant land property located at [address] with an approximate value of EX. 2. Vehicles: In addition to the aforementioned vehicles with outstanding loans, we own an additional vehicle, a [make and model], which is fully owned and estimated to be worth EX. 3. Bank Accounts: Our joint bank accounts are held at [bank name]. As of the date of this letter, the total balance in our joint checking account is EX, and the joint savings account holds EX. 4. Retirement Accounts: We have two retirement accounts that need to be considered for equitable distribution. The first account, held by [Spouse's Name], has an estimated balance of EX. The second account, held by [Your Name], has an approximate value of EX. 5. Other Assets: It is important to note that we may have additional valuable assets, such as valuable artwork, jewelry, or collectibles. These assets need to be appraised and included in the asset division process. Please note that this list is not exhaustive and serves as a starting point for our discussions. I propose that we appoint a professional, such as a mediator or lawyer, to assist us in reaching a fair and mutually agreed-upon division of our liabilities and assets. This will ensure that both our interests are protected and that the settlement is in accordance with the laws of Oakland, Michigan. Should you have any concerns or wish to discuss any aspect of this list further, please do not hesitate to contact me. My primary goal is to achieve a peaceful and fair resolution during this challenging time. Wishing you all the best in your future endeavors, [Your Name]
Oakland Michigan Sample Letter for Divorce - List of Liabilities and Assets
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How to fill out Oakland Michigan Sample Letter For Divorce - List Of Liabilities And Assets?
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FAQ
Here's how you can write the agreement: Make sure you have all of the basic information and divorce forms you need according to the divorce laws in your state.Make sure you have all of the personal information you need.Include a statement that you and the other party are in agreement with the contents of the document.
Use I statements, focus on neutral language, report how you feel, and be sympathetic about his/her feelings. Say I know this is difficult to hear, but our marriage is finished and I want a divorce. I don't believe marital counseling will fix our relationship, but we might benefit from seeing individual therapists.
A Divorce Letter is a document that individuals can use when they would like to notify their spouse that they want to legally separate from them. The purpose of this letter is to inform your husband or wife that you have made a decision to get a divorce and offer some ways of dividing common finances and property.
Liabilities include, but are not limited to, mortgages on real property, credit cards, car loans, promissory notes, monies owed, and contingent liabilities such as taxes owed or pending lawsuits.
Your liabilities include any you've accumulated during your marriage as well as during your divorce.
The law considers debts incurred after the marriage date and before the couple separate to be "community" debt. Even if only one spouse incurred the obligation, it's still a 50-50 joint responsibility. Debts that arose prior to marriage and after separation are normally characterized as "separate" debt.
Let's go over some basic steps you can take for protecting assets in a divorce. Know What You Own and What Your Spouse Owns.Know the Value of Your Assets.Act Early: Try a Trust or Pre/Postnuptial Agreement.Don't Comingle Assets.Don't Sell, Transfer, or Change Your Property.Hire a Good Attorney.
California is a community property state, which means that any assets acquired and any debts incurred by either spouse during the marriage belong equally to both spouses.
Once you or your spouse reaches half of the value of the list, the remaining items go to the other spouse. You and your spouse can also divide the property into what you agree are two piles of equal value. Then, flip a coin. Whoever wins, picks the pile they want.
Upon application to the court by one of the spouses to obtain a divorce, these assets are subject to being divided between the parties. Matrimonial assets typically include things like the family home, pensions, investments and savings.
