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…
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…
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…
When a high-income Michigan couple is going through a divorce it can be a complicated affair. There are many things that need to be worked though with property division often being one of the most contentious. Michigan is an equitable distribution state which means property accrued during the marriage is subject to equitable distribution among the couple. While most property…
What happens to the family home in divorce? This is a question many divorcing couples likely ask themselves. Understanding the various options for dividing a family home during divorce can help divorcing couples navigate the oftentimes emotional process of splitting up assets including their home. What happens to the family home in divorce? There are a couple of different options…
Your future is at stake in a divorce case. Post-divorce life might look quite different than married life, no matter how long the marriage lasted. How can you prepare for a potentially drastic life change? For those who are going to be in a high-asset divorce case, focusing on property and debt could be crucial. Preparation and focus is the…
The emotional upheaval of divorce can cloud the cut-and-dried financial details that are a large part of both ending a marriage and setting a course for the future. With the median cost of divorce at $7,500, the cost of the split can potentially be high in other ways as well. As Michigan is an equitable division state, the judge will…
Couples in Bloomingfield Hills who have been married for decades and are now seeking a divorce face issues that their younger counterparts may not. One issue that may worry many of those at or near retirement is what will happen to their retirement accounts if they divorce. The following is some information about retirement accounts and divorce, but as always,…