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.
Marriage typically causes a person to become financially entwined with his or her spouse. In equitable distribution states, such as Michigan, the division of property and assets during a subsequent divorce must be deemed fair and equitable, but doesn’t necessarily have to be equal. With the importance of this process among a couple who is of considerable wealth, seeking assistance throughout the process is typically advisable.
A high asset divorce can be complex and overwhelming to navigate alone. However, the outcome may have a significant bearing on the financial future of everyone involved. By retaining the services of a family law attorney in Michigan with experience in handling such intricate matters, a person can gain advice and assistance that could prove invaluable to obtaining the most favorable outcome during divorce proceedings.
Source: cincinnati.com, “Look at a divorce like the break-up of a business“, Nathan Bachrach, Ed Finke and Amy Wagner, May 1, 2017