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.
When facing negotiations for property division, it’s generally a good idea to gather documentation of joint assets prior to the process. Although this can be challenging with a substantial amount of assets, it could help in preparing for the road ahead. In addition, keeping track of marital expenses and incomes will not only be beneficial in planning for the future, but could also be useful during divorce proceedings.
There are certain moves that a person may want to avoid during this time, such as updating beneficiaries on accounts and/or overspending. Updating information before a divorce is finalized could have adverse consequences, as can any indication of an unusual amount of transactions from joint accounts. With so much to cover during such a stressful and daunting process, it makes sense to obtain guidance in navigating the process.
With a great deal on the line in a high asset divorce, securing assistance in preparing for what comes next is an important step. When facing this situation, a person could speak with an attorney with extensive knowledge in Michigan state family law. An attorney can address a client’s current and future needs and concerns and assist in pursuing an equitable portion during divorce proceedings.
Source: USA Today, “7 ways to ready your finances for divorce“, Elizabeth Renter, May 31, 2017