Tuesday, April 9, 2019

Assets not distributed cause interest penalty. Terry Bankert 810-235-1970.

Can the court award interest on assets distributed in a judgement of divorce but not speedily transferred? Yes.
FYI- “The trial court possesses equitable powers to grant “interest on the amounts granted in thedivorce judgment.” Lawrence v Lawrence, 150 Mich App 29, 34; 388 NW2d 291 (1986).
Such power is within the trial court’s discretion. Id. “This discretion also applies to awards of intereston amounts to be paid pursuant to a property division when such amounts are overdue.” Id.
The purpose of awarding interest is not to compensate the party for lost use of such entitled topayments; rather, it is to “prevent[] the delinquent party from realizing a windfall and assuresprompt compliance with court orders.” Olson v Olson (On Remand), 273 Mich App 347, 354-355; 729 NW2d 908 (2006).”
SOURCE is Michigan Court of Appeasls Unpublished 3/21/19. Sicher No. 34141 Livinston County 12-005416 DM
Presented here by Flint Divorce Lawyer Terry Bankert  if you have additional questions please call 810-235-1970. Or contactme through my web page at attorneybankert.com.

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