How Can I Financially Prepare for a Divorce in Michigan?

Going through a divorce can be an overwhelming process for all parties involved. Not only does it impact a spouse emotionally, but also financially. In addition to the costs associated with divorce proceedings, spouses may be subject to losing some of their assets through equitable distribution. It is because of this that it is important to financially prepare for a divorce. In doing so, it can benefit you to retain the services of an experienced Michigan divorce attorney to help you make a financial plan before the divorce begins.

Why Should I Make a Financial Plan?

The process of divorce brings a great deal of uncertainty into a person’s life. Spouses sometimes fear what their future may look like, as they are losing a life that they are accustomed to. This includes certain financial situations that they may no longer have moving forward. It is because of this that it is important to make sure you will be financially stable after a divorce in order to support yourself and any children you may have. Through a financial plan, you are able to better understand the money you have and need to maintain your lifestyle. This may require you to make changes to your income or spending habits. 

What Assets Should I Consider?

Part of divorce proceedings includes the division of assets. When creating a financial plan, it is important to understand the assets that you have first. In doing so, consider the following assets:

  • Income: Your partner may be entitled to a certain portion of your income after a divorce through spousal support or child support agreements.
  • Retirement assets: Retirement money is usually not off-limits. If you want some of your spouse’s retirement payments, you may need to file a qualified domestic relations order.
  • Owned Property: Spouses tend to share their real estate. This can include a family home as well as any vacation properties. 
  • Jointly-Owned Businesses: Spouses run a business together should protect it from being subject to division in a divorce by drafting a shareholder agreement.
  • Debts and Mortgages: Certain mortgages and individual debts can influence a judge’s decision regarding the division of assets. This can include credit cards, loans, business expenses, and more. 

Contact our Firm

Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis & Griffor today to schedule a consultation.

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