Throughout the course of marriage, the financial standings of a couple in Michigan and elsewhere may become intertwined. In the event of a divorce, untangling finances can often be a complex process. For those who are facing a similar situation, considering every crucial factor of property distribution before entering the process might prove beneficial in preparing for the road ahead.
Perhaps one of the most common assets is the family home. When seeking to break ties with one's spouse, there may only be a few viable options concerning this asset: a buy-out, selling it outright or continuing as co-owners. Each option may have its advantages and disadvantages, and careful consideration of each in turn is often advisable.
There are other areas that might be somewhat more challenging to unravel, such as investments and credit accounts. Investment accounts are often complex assets that can be difficult to divide, and seeking assistance in the process will likely prove beneficial. For credit accounts, a couple always has the option to allow the account to remain open. However, this carries a certain level of risk, and closing joint accounts might be the best way to avoid a potential disaster in the future.
While these are common areas in which a couple's finances become mingled, there may be numerous other factors to consider when seeking a separate financial identity. Since this can be a challenging process to navigate alone, a person may often choose to seek guidance from a family law attorney. An attorney in Michigan can advise a client on the crucial aspects of property division and subsequently assist in pursuing a fair and equitable portion during divorce proceedings.
Source: nerdwallet.com, "How to Untangle Your Finances in a Divorce", Bev O'Shea, Hal M. Bundrick and Dayana Yochim, July 18, 2017