The end of a marriage can be a stressful period, perhaps especially for those who have a great deal on the line. With numerous crucial factors to consider, and the potential weight of the outcome, a high asset divorce can seem intimidating and overwhelming. Many individuals in Michigan consider their future to be of the utmost importance, which may in turn prompt them to seek assistance in covering every aspect of the process.
Perhaps one of the most crucial aspects of divorce for many is the division of property. In equitable distribution states, such as Michigan, the division of assets doesn’t necessarily have to be equal, but it must be deemed fair. However, what seems like a fair settlement could prove otherwise if one fails to account for certain crucial factors, such as any potential tax ramifications and the importance of obtaining a court order to split certain accounts.
The family home may be another area of concern, as it consists of a great deal of the wealth of many couples. While relinquishing ownership of liquid assets in favor of keeping the home could seem enticing at first, one might want to consider the long-term impact of a similar decision. The agreement could be equal, or at least fair, but it may not account for the future costs of upkeep of the home, as well as any potential changes in the real estate market.
Considering every available option and how each might affect one’s future can be challenging, especially during a highly emotional period. When facing a high asset divorce, a person could find it beneficial to speak with a family law attorney with experience in handling such intricate matters, for guidance. An attorney can address a client’s concerns and wishes, and assist in pursuing the best outcome possible during legal proceedings.
Source: cnbc.com, “When it comes to divorce, not all assets are equal“, Sarah O’Brien, Sept. 22, 2017
