Most couples in Michigan and elsewhere may enter a marriage with the intent of remaining together throughout life. However, things don’t always go as planned, and although having a strategy in place for the end of a marriage can be a scary prospect, it could also prove invaluable, especially among couples with a great deal at stake. Understanding how one’s finances might change following a high asset divorce, and how best to approach the situation, could help reduce the stress of the situation significantly.
One major concern for many individuals who are going through a similar situation pertains to the distribution of property and assets. All marital assets will be subject to the process, while an individual may retain full ownership to those that are deemed separate property. However, this can be complex, as even assets that are listed under one spouse’s name can lose their separate identity under certain circumstances. Determining the status of each asset prior to negotiations could help one avoid being caught off guard.
A person may also find it beneficial to be aware of the impact that debts can have on the outcome of a divorce. Following the end of a marriage, one could be responsible for a portion of his or her spouse’s monetary obligations. If either spouse is the primary wage-earner in the marriage, he or she may also be required to pay alimony to the other party for a certain period.
Individuals who are facing a high asset divorce may wish to know how these changes might affect their future finances. With numerous aspects to consider, a person may benefit from speaking with a family law attorney for guidance. An attorney in Michigan can address a client’s concerns and needs and assist in pursuing the most favorable outcome possible regarding his or her financial future during subsequent legal proceedings.
Source: theweek.com, “How marriage can transform your finances — for better or worse“, Amanda Gladin-Kramer, Oct. 19, 2017