Skilled Counsel For Divorces Involving Significant Assets
If you have significant marital assets, you probably feel concerned about what will happen to them in your pending divorce. Without a skilled attorney as your advocate, you stand to face a substantial financial loss.
This is where the lead attorney at the law firm of Lisa D. Stern comes in. For more than 25 years, she has assisted clients throughout Michigan in attaining favorable asset distribution arrangements. Her skill in divorce representation, combined with her devotion to her clients, led her to be voted Divorce Attorney 2010 by readers of Hour Detroit Magazine.
What Happens To Retirement Accounts In A Divorce?
After working for years to build your retirement funds, you now fear that you could lose them in your divorce. Fortunately, there is more than one option for dividing retirement assets. These options include:
- Immediate offset, in which one spouse gives the other spouse assets that equal the value of the retirement account
- Deferred division, in which one spouse receives interest on the account through a qualified domestic relations order (QDRO)
If you are concerned about the division of your retirement accounts, contact Lisa Stern. She can help you explore your options and can give you a better idea of what to expect from your divorce arrangement.
Protect Your Business Interests
Whether you or your spouse owns a small business or significant shares of a business, you face unique concerns regarding asset division. Business interests are not always easy to assess, value and divide equitably. Fortunately, Ms. Stern has handled numerous divorces involving complex business assets. She will work with you to determine an equitable arrangement that also preserves your assets as much as possible.
It is important to note that when a business is owned, both the owner and the spouse of the owner may have some rights to the business. There are options for handling how the business is to be divided so that both parties are equitably compensated for their personal and financial contributions to and support of the business. Ms. Stern can discuss your rights, as the business owner or owner’s spouse, and what that may mean for the business.
Handling Inheritances In Divorce
While it may be straightforward to divide some assets in a divorce, it is not always as simple when determining how an inheritance is to be divided, if at all. Typically under Michigan law, any inheritance obtained during the marriage that is in one spouse’s name is considered separate property. This means it will not be divided as part of the marital property.
However, the courts do have the ability to deviate from the standards and make a determination on whether or not the inheritance will be considered marital property. This is often the case when the inheritance was given to one spouse but was combined with marital assets (such as in a joint account) or was used to improve or obtain other marital assets.
Schedule Your Initial Consultation Today
You do not have to address the daunting process of valuing and dividing business assets alone. Contact Lisa D. Stern today to receive attorney Stern’s guidance. To schedule an initial consultation, call 248-335-5000, or send the firm an email.