Parents in Michigan want what is best for their children. However, if those parents have gone through a divorce—or if they have never been married at all—either way, they may need to develop child custody and child support arrangements that are designed to be implemented in the “best interests” of the children. A “parenting plan” is a big part of…
A high-asset Michigan couple who has decided to dissolve their marriage must face the difficult issue of valuing their assets so they can be divided equitably. For these couples, valuing the family home can be the most difficult issue in the division of their assets. Not only is the family home perhaps the couple’s single most valuable asset but it…
If you have been married for many years or even decades, the idea of divorce might not be on your radar. Still, an empty nest or differing goals later in life can strain a marriage. The divorce rate of those aged 50 or older is climbing according to some attorneys and researchers. Those going through a late in life will…
Generally, under Michigan law, any property acquired by either spouse during a marriage is considered to be marital property. Even if a banking account or some other asset is in one spouse’s name, the other spouse generally has some property right to it. This only becomes an issue if the couple decides to divorce. During a divorce, couples need to…
You may not have expected a late-in-life divorce, but you are reaching retirement and have found that now that your nest is empty you do not have the same relationship you once had with your spouse. If you are in your 50s and are facing divorce in Michigan you will want to make sure you know what will happen to…
For many people, one word comes to mind when they think of the divorce process: stress. Whether it is fighting for more time with your kids or arguing over who gets the family home, traditional divorce can be expensive, time-consuming, and overwhelming. Nowadays, however, collaborative divorce makes it possible for couples to separate amicably and efficiently, while protecting their own…
A lot of people who go through divorce worry about what their financial stability will look like as they move into living a single life. This is understandable, and its why there’s a lot of focus on the property division process during marriage dissolution. Yet even though it’s critically important to ensure that you’re getting your fair share of the…
Divorce is often filled with drama, which can make the painful emotions of the breakup even more difficult to bear. One aspect of divorce that is especially contentious for Michigan couples is property distribution. When spouses look at their assets, they may have different recollections about whether they bought that expensive painting together or if one of them owned it…
The family home is a hot topic during a divorce. It is often the most expensive asset a couple owns, and one with a lot of emotional significance. This is why we have posted about what happens to the family home after a divorce. Though, the natural question that pops up after reading that article is, “what happens to the…
It may not be the most romantic subject to discuss during your engagement, but a prenuptial agreement can be a helpful financial planning tool for your marriage and help reduce time, conflict, and cost if you ever divorce. These contracts may be helpful for most couples but especially in these circumstances. Substantial assets A spouse having significant assets or income…