Dissolving a marriage is a major decision that can impact a person's life in various ways. The financial ramifications of a similar life event can be significant, regardless of one's monetary status. With a considerable amount of wealth, preparing for the future could be even more crucial, as an individual in Michigan may have a lot on the line during a high asset divorce.
There may be certain key factors to consider before negotiating property distribution, such as the value of each asset. While larger assets such as a home may seem appealing at the time, they may actually have less value than others. Since Michigan is an equitable distribution state, where the division of property must be fair, but doesn't necessarily have to be equal, understanding the value of assets could be crucial to pursuing the most favorable outcome possible during legal proceedings.
Another area to keep in mind concerns the impact of any potential tax ramifications. Certain assets may be subject to higher tax rates, thus also causing them to have less overall value. Even if a couple is of considerable wealth, failing to obtain valuation of property and/or account for taxes could have undesirable consequences.
While ending a marriage is stressful and daunting under any circumstance, with numerous crucial aspects to cover and more at stake, one could begin to feel somewhat overwhelmed. When facing a high asset divorce, obtaining guidance before entering negotiations could be crucial to navigating the process. By speaking with a family law attorney in Michigan with experience in handling such intricate matters, a client could obtain some much-needed guidance on making informed decisions throughout legal proceedings.
Source: CNBC, "Headed for divorce court? Here are your top 5 financial musts", Andrew Osterland, Aug. 8, 2017