Along with being a highly emotional process, the end of a marriage can also have a significant impact on a person’s financial future. Divorce is often challenging enough on its own, and any unforeseen changes during this period can have a devastating effect. When facing a potentially complex high asset divorce, one might find it beneficial to obtain guidance from an attorney in Michigan to ensure the process goes as smoothly as possible.
Some individuals may be under the impression that once a settlement is reached, even during negotiations, that it is set in stone. However, there may be certain circumstances in which a divorce settlement might not be legally binding. For someone who begins to plan for the future in accordance with the agreed upon terms, this could prove to be detrimental.
There are numerous circumstances in which this may occur. For instance, after reviewing the agreement, a judge may determine that it is unfair to one party, or that it was improperly prepared. If kids are involved, the court may consider that the agreement is not in the best interests of the child. Unclear terms regarding complex assets such as life insurance policies and investments may also lead a court to render a different judgement.
When facing a high asset divorce, one may begin to feel somewhat overwhelmed by the process. Those who wish to secure the healthiest financial future possible may often retain the services of an attorney in Michigan with experience concerning complex assets. A family law attorney can advise a client on every aspect of divorce and assist in the proper preparation of crucial documents, which could prove beneficial to securing a fair and equitable portion during subsequent proceedings.
Source: huffingtonpost.com, “Divorce Settlement Agreements May Not Be Legally Binding“, Brad Reid, June 30, 2017