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Michigan Divorce Blog

2 types of assets and their impact on property distribution

Many couples accumulate a great deal of property and assets throughout the course of marriage. At the time, the sheer amount of property owned by a couple may go unnoticed. However, if a couple decides to part ways, they will likely have to take inventory of every asset that will be involved in the process of property distribution. Although this process can be overwhelming, it may also be crucial to the outcome of a divorce, especially in equitable distribution states, like Michigan.

Concerning the division of property, assets fall under one of two categories, marital and separate. Marital property includes any assets that are acquired throughout marriage. This also includes debts as well. All assets that are deemed marital property will be subject to division during divorce proceedings.

Advice re investments and pensions in a high asset divorce

No matter how you look at it, the end of a marriage is challenging. The emotional roller coaster that might ensue can be stressful and overwhelming at first, but may ease with time. The financial side, however, should probably be approached with more caution. Concerning a high asset divorce, a person in Michigan may find it beneficial to approach the financial side as if it were a business transaction.

Over the course of life, many couples acquire a significant amount of property and assets. These can come in various forms, such as business interests and pensions. Similar assets can make the situation significantly more complex. Even assets such as a 401k could be subject to property division if they are obtained throughout the course of marriage. Other factors, such as the presence of additional assets, may also determine the amount of each particular asset to which a person's spouse may be entitled.

Change in child custody agreement due to need for relocation

Although sometimes sudden and unexpected, change is a part of everyday life. It could be that an individual obtains a new job that requires relocation. While some may find it less difficult to uproot their lives, others could find the process more challenging. Proper protocol must be followed for a custodial parent in Michigan who is seeking to move out of state or more than 100 miles away from the original location agreed upon in the child custody agreement. 

While there is a myriad of circumstances in which such a move can become necessary, there are several steps that may be required regardless of the reason. Ideally, the custodial parent and noncustodial parent can agree upon the move. If both parents agree a stipulation or formal agreement can be filed with the court and the court will generally approve the move. Unfortunately, this is not always the case.

Consideration of complex assets during a high asset divorce

Dissolving a marriage can be an extremely stressful yet delicate process, especially for individuals who are of considerable wealth. Entering this process with complex assets, such as trusts or investments, can make the situation significantly more difficult. When facing a high asset divorce in Michigan, individuals often seek assistance from an attorney with experience in handling such intricate matters.

These difficulties can increase for individuals that have entered into a second marriage with children from their first. The parent typically considers the future of these children to be of the utmost importance. If he or she has set up a trust for the kids, the invested amount may be untouchable in the event of a future divorce. If this person also has a trust, he or she may also retain possession, provided it was not mixed with marital assets in any manner.

Protecting the mind of a kid during child custody negotiations

When making the decision to dissolve a marriage, many couples may have certain concerns with regards to the future well-being of their children. Kids often have difficulty understanding and accepting divorce, which may make the current situation challenging for some parents. There are certain factors that a parent may want to consider during this period that can be beneficial to everyone involved, and these factors may also assist in making child custody negotiations in Michigan less stressful and challenging.

When children find out that their parents are splitting up, a multitude of thoughts may be continually running through their minds. They may feel a need to take some of the blame or a need to choose between parents, both of which can be detrimental to the outcome. Parents may want to address these issues and try to explain the situation children in a way that they can understand.

4 tips to protect a business during divorce

Divorcing couples have a lot of assets and property to divide. If either or both of you are business owners, your company is probably one of the most important concerns during the divorce. Even if you started the business before you were married, your spouse may have a claim to part of the company because of its increasing value during the marriage. However, you can take steps to protect your interests in keeping the company through the divorce.

 

Factors to consider concerning property distribution in Michigan

The end of a marriage may be one of the toughest life events an individual will ever have to face. There are various aspects of the process that can be stressful and challenging, such as the division of property and assets. For couples in Michigan who are of considerable wealth, property distribution can often become a highly contested topic. Since this particular area can have a significant impact on future finances, seeking assistance in covering every aspect involved may be advisable.

There are several factors to consider during this period, each of which may affect the outcome of a similar situation. If a couple has a prenuptial or post-nuptial agreement in place, it may determine how property and assets are divided, provided it was properly executed. However, there may be additional assets that are not listed in the agreement, and having knowledge of these assets and how they will be divided will be beneficial for the road ahead.

Dividing a thriving business during a high asset divorce

Many couples across the country acquire a great deal of property and assets throughout the course of marriage. In some cases, a couple may choose to start a business together, which may start out small but grow over time. If that couple decides to part ways, the subsequent process can be complex. Since Michigan is an equitable distribution state, many individuals seek legal counsel for assistance when facing what will likely be a high asset divorce.

When starting a business, couples may give little or no thought about what will happen should they decide to dissolve their marriage. The business may flourish into a successful enterprise during marriage, and may account for a great deal of wealth. The process of dividing assets when a similar business is involved is often challenging, especially without a prenuptial and/or buyout agreement in place.

How child custody negotiations will impact the future in Michigan

It can be impossible for an individual to know what the future will hold. Most individuals in Michigan enter a marriage without giving any thought to the possibility of divorce. When the marriage ends, many people are unprepared for the process and are unsure how to proceed. This may be especially difficult when kids are involved, with child custody often being one of the most important topics during divorce.

Some individuals may have given a small amount of thought into divorce, but actually preparing for this event can be challenging. Knowing exactly how the end of a marriage will affect a person's everyday life is difficult, especially when it's necessary to negotiate custody. Many of these negotiations end with both parents having a schedule for visitation, which a parent who is used to seeing the kids daily may find hard to accept.

Preparing for a high asset divorce in Michigan

Dissolving a marriage can be a difficult process for anyone involved. A similar situation often has a major impact on a person's financial future, and taking every aspect into consideration during this period is advisable. Concerning a high asset divorce, the process is generally more complex. However, a person in Michigan can take certain measures during this period to safeguard against sustaining a major financial loss.

If an individual in this situation is considered wealthy, there may be a great deal of assets to account for during this time. Having specific knowledge of every asset and its value is often crucial when entering negotiations. Securing appropriate documentation of assets and knowledge of current financial situations may go a long way in helping an individual obtain a fair and equitable portion during divorce proceedings.

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