The process of ending a marriage can be challenging, especially later in life. Many couples have funds or investments dedicated to retirement, which can lead to complicated proceedings. This may be especially crucial in a high asset divorce, where the outcome will likely have a direct impact on future finances. A person in Michigan who is facing a similar situation may find it beneficial to seek legal advice early on in the process.
Many couples have a great deal of wealth tied up in specific assets, such as a business or home. Reaching an agreement on the division of such assets can often be difficult, since this often has a major effect on the outcome of a divorce. Seeking to retain a business or home may reduce the amount received in other areas during proceedings, and such decisions should be given some consideration.
Careful evaluation of the value of property and assets is often considered advisable when dissolving a marriage. The greater the amount of assets involved, the more challenging this becomes. In the event that the majority of assets are illiquid, awareness of value may be beneficial to securing a more favorable financial future. Many people consider this imperative when facing a major life event such as retirement.
A high asset divorce can lead to complicated proceedings. Ensuring that all aspects are thought out and accounted for is often challenging, and it is advisable to seek the advice of an experienced attorney. When facing a similar situation, it is often beneficial to retain a family law attorney for assistance in obtaining an equitable portion during proceedings.
Source: wtop.com, “Over 65? How to know if you can afford a ‘gray divorce’“, Dawn Doebler, Feb. 21, 2017