Navigating the divorce process in Michigan or another state typically involves several types of challenges, including negotiating terms for new parenting plans (in cases that apply) as well as property division issues and/or spousal support. When existing assets are of higher-than-average value, things can get complicated. This is known as a high asset divorce; it is also the type of divorce where most people choose to seek experienced legal support.
Researching what types of options are available ahead of time is always better than simply showing up in court hoping to obtain a satisfactory outcome. Informed decisions and purposeful actions are keys to protecting one’s interests and rights in a high asset divorce. Such divorces often carry business or tax implications. Involved parties may also face challenges regarding various domestic or off-shore bank accounts, retirement funds or real estate issues.
It is understandable that those entering high asset divorce may want to avoid litigation if possible. Divorce mediation may prove a viable alternative in such cases. Spouses choosing mediation must agree to peacefully discuss and resolve all issues with a common goal in mind for obtaining a mutually acceptable agreement.
If a particular high asset divorce situation has prompted strong emotions on either or both sides, and a communication breakdown has occurred between spouses, mediation may not be the best choice. Litigation is often needed to help find fair solutions to problems related to finances, property or children when spouses involved are unable to resolve their differences on their own. A Michigan family law attorney can help alleviate a spouse’s stress by acting on his or her behalf in court.
Source: FindLaw, “Complex Divorce Cases“, Accessed on May 2, 2018