Divorce is on the rise for older adults in Michigan and nationwide, and this can mean that they have accumulated a substantial amount of retirement savings. There are regulations around dividing retirement accounts in the process. In some cases, a document called a qualified domestic relations order is required. This is not necessary for an IRA, which only requires a divorce decree.
A prenuptial agreement can be a good idea for some Michigan couples. It can protect them in case they divorce and make the process of property division less difficult. However, it is important that both parties are involved in creating the prenup and that it does not leave either of them at a significant disadvantage. For one woman who was given a cohabitation agreement before moving in with her boyfriend, this was not the case.
It seems that the divorce rate in the United States is slightly decreasing when it comes to younger couples, but it is on the rise for couples who are 50 years and older. One factor that contributes to some Michigan divorces is financial problems. There are several steps that individuals can take to reduce the financial fallout that comes from a divorce and to help them keep their emotions in check as their financial future seems uncertain.
Michigan newlyweds may not have a lot of money or other assets when they first tie the knot. However, this doesn't mean that they won't acquire assets in the future that they would like to account for. For instance, someone who starts a new company may want to claim ownership of it and protect any revenue generated while they're married.
Michigan residents like you who decide to get a divorce already have enough on your plate. What you don't need is the additional stress that can come from a spouse attempting to hide assets from you. Today, Lisa Stern, Michigan Family Law Attorney, will talk about what that might look like.
Property division during a divorce in Michigan is never an easy task, but it becomes even more difficult if either you or your spouse are the recipient of an inheritance. Generally speaking, the court regards an inheritance as separate property belonging solely to the individual named in the will. As is often the case, however, exceptions can apply. It depends partly on when you inherited the assets, i.e., before or during the marriage, and partly on what you did with your inheritance after receiving it.
When older couples in Michigan think about the impact of divorce on children, it's usually the young children they're considering. But just because your children are adults, that doesn't mean that they can't be impacted negatively by your divorce or the way you handle it.
Any person in Michigan who has ever been divorced knows firsthand the type of financial losses that one can endure through the end of a marriage. However, some information has been showing that the financial hardships associated with divorce may be particularly pronounced for women who have gotten divorced after the age of 50. In fact, this group may even have a higher risk of dipping into poverty than their male counterparts or than younger divorced women.
If you are like many couples in Michigan, your family home is one of the largest and most valuable assets you own. It is also likely the asset to which you or your spouse attribute the strongest emotional tie as this is where you live and raise your children together. This, however, should not be the reason that you let emotions get in your way when deciding how to deal with your home when you get divorced.
As a couple in Michigan who has decided that divorce is the right thing for you, you may also be wondering how to deal with your assets. The more assets you have, the more potentially complex your divorce could become.