Divorce can feel like navigating a stormy sea. This is especially true when it comes to wealth protection. Ensuring assets remain intact requires careful planning and smart strategies. Thankfully, you can create a protective bulwark against the economic difficulties...
High-Asset Divorce
Mistakes to avoid during a high-asset divorce
Property division in high-asset divorces can often be intricate. As couples grapple with evaluating and dividing assets of significant value, disputes may arise over their classification as separate or marital property. Valuing complex assets, such as businesses or...
Gray divorce has a notable impact on standard of living
Gray divorce, or the dissolution of marriages among those 50 and older, has become increasingly common. Its consequences often extend beyond emotional and familial aspects. An important area gray divorce affects is the standard of living for both men and women...
Tax considerations in high-asset divorces
When a divorce involves significant assets, the financial landscape becomes even more intricate. In Michigan, high-asset divorces carry unique tax implications that both parties should carefully consider. Understanding these tax consequences is necessary to make...
Safeguarding assets in a Michigan divorce
According to the U.S. Census Bureau, Michigan residents went through 20,812 divorces in 2022. Navigating a divorce is challenging on many levels, with financial concerns often at the forefront of the process. Understanding how to protect your wealth becomes important...
Rebuilding your financial life after a high-asset divorce
Divorce in Bloomfield Hills, MI, can be challenging and emotionally draining, especially when it involves significant assets. Once the dust settles, you may need to rebuild your financial life to some extent. The first step is to assess your current financial...
Considerations for homemakers in high-asset divorces
Divorce is a life-changing event that can be especially complex and stressful when it involves high-value assets. For homemakers who have spent their time managing the household and raising children, divorcing a wealthy spouse can bring about unique challenges. To...
How to prepare yourself before you file for divorce
Deciding to end a marriage is not easy. Emotions can run high, and the process can feel overwhelming, especially when you are unsure of where to begin. Filing for divorce is more than just a legal process; It is a significant emotional and financial transition....
Claiming Social Security using a former spouse’s work record
When you marry someone in Michigan, you probably plan on spending the rest of your life with this person and financing your retirement together. However, many Michigan marriages fail to go the distance, and if yours is among them, you may have legitimate concerns...
When could a divorce result in splitting up retirement accounts?
Divorce proceedings under Michigan’s statutes follow an equitable distribution system. You may negotiate a “fair” division of your marital property, which reflects the assets you and your soon-to-be ex-spouse acquired together. Separate property generally belongs to...