For a couple who possess a considerable amount of property and assets, divorce can be a complex process. With so much at stake during this period, crucial areas such as property distribution are often highly contestable topics. In equitable distribution states, like Michigan, the division of assets must be fair, but does not necessarily have to be equal. With this in mind, an individual might find it beneficial to have awareness of all marital property before proceeding.
Prenuptial agreements, also known as antenuptial agreements, are not romantic but they can be pragmatic. This is particularly the case when one or both spouses are bringing significant assets into the marriage, or if one or both spouses own businesses. Other situations that may merit a prenuptial agreement include a second or subsequent marriage or a situation where one spouse is likely to inherit substantial assets. A carefully -drafted prenuptial agreement will clearly state which property is separate property and which property is marital property. Sometimes couples will enter into postnuptial agreements. These agreements function largely the same way as prenuptial agreements, but are signed after a couple gets married.
Certain changes in life can be challenging to accept. Divorce, in particular, can be hard on everyone involved, but perhaps especially on kids. Parents in Michigan generally seek to protect their child during this period by planning a future that is in keeping with his or her best interests. Although child custody negotiations can be stressful and intimidating for adults, the prospect of such a major change might be even more challenging for a young one to accept.
Along with the potential emotional grief that can accompany the end of a marriage, there could be a significant amount of financial stress as well. For those of considerable wealth and assets, this process can be stressful and daunting, especially with so much at stake. Individuals who are facing a high asset divorce in Michigan might find it advisable to take certain precautions before and during the process that could be beneficial in the long run.
Divorce over 50, also known as "gray divorce," can be the right decision for men and women involved in unhappy marriages. In most gray divorces, the primary point of contention is property division, since the children have often left the home. Property division in divorce can be a problematic issue for some women.
There are numerous aspects involved in the process of divorce. Property division or child custody are often significant issues during this stressful life event, but there are other areas that may require attention. In Michigan and elsewhere, spousal support is a key aspect in many divorces and can potentially have a significant impact on the financial future of everyone involved.