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.
According to Psychology Today, parental alienation syndrome occurs when one parent attempts to turn his or her children against the other parent. Typically, the parent who commits parental alienation is angry at the other parent and takes out his or her frustrations by painting the other parent in a negative light. Michigan courts frown upon parental alienation, as it is not only damaging to children's relationships with their parents but also, it is damaging to their emotional well-being.
People may hurt their marital partner accidentally or intentionally in a number of ways. Some examples include verbal abuse and disregarding different challenges that someone may be going through, but many people also cause their spouse a great deal of pain by carrying out an affair. There are different reasons why people cheat, and the impact of an affair can have significant consequences for the future of a relationship. Some couples are able to resolve these issues and move forward in their marriage, while other marriages inevitably come to an end.
As a couple in Michigan going through a divorce, asset division could be something of a headache for you. This can be one of the most difficult parts of the divorce process. Not only is the actual division tedious and sometimes full of arguments, but in some cases, your spouse might even be trying to pull the wool over your eyes. Lisa Stern is here to help you by pointing out signs of hidden assets.