There may be numerous aspects to consider at the end of a marriage, each of which could have a substantial impact on a person's future. Regardless of the level of wealth involved, a considerable portion of a couple's assets could be tied up in the family home. When facing a high-asset divorce, a person in Michigan may wish to seek guidance on the available options concerning this particular asset, as well as the potential outcomes of each in turn.
While the family home may hold a certain level of sentimental value, one may also find it beneficial to consider the financial ramifications of pursuing this asset before entering negotiations. Should one party wish to retain possession of the home, he or she might have to consider relinquishing ownership of other assets in exchange, or buying out the other spouse's ownership rights. However, when pursuing possession of the home during divorce, one may also want to consider the potential advantages of refinancing the mortgage.
While refinancing a mortgage may be a major financial decision, it could prove beneficial to everyone involved. When refinancing a mortgage, an individual may be able to obtain a lower interest rate and lessen his or her monetary burdens. For the spouse who is giving up ownership of the home, this could also work as a form of credit protection, as one will remain financially liable as long as his or her name remains on the mortgage.
With numerous factors to consider during a high asset divorce, one may find it advisable to seek guidance in the initial stages of the process. By speaking with a family law attorney, a person could obtain advice in covering every aspect. An attorney in Michigan can address a client's concerns and needs and provide advice on how to pursue the most favorable outcome possible regarding his or her future.
Source: Forbes, "Til The House Do Us Part: The Top Five Reasons To Refinance After Divorce", Jason Crowley, Nov. 27, 2017