A divorcing couple recently asked an arbitrator to answer a difficult question: what happens when a husband wins the lottery while going through a divorce with his wife?
Are your digital assets prepared for divorce?
Digital assets are a part of our everyday life. These assets can range from social media sites to online banking accounts. Whether the account provides a fairly innocuous financial benefit or is a sizable asset, it is important to account for our digital belongings when navigating a divorce.
Divorce terms may be revisited if hidden assets surface
Most anyone in the high-income bracket isn't there because they are lucky. They tend to know what it takes to maximize revenue potential and minimize financial liabilities. In some cases, this might mean following strategies to hide assets from public view.
Finances and divorce: Watch out for these 3 issues
Division of assets during divorce can result in contention. This portion of the split involves a careful review of all assets and debts. The divorcing couple must take every marital asset into consideration or else find themselves dealing with surprises after the divorce is finalized. These issues can be mitigated by knowing some common issues.
Tips for splitting a business during divorce
Business owners must tread carefully when it comes to the division of assets during divorce. It is very likely that some or all the business assets qualify as marital property. As such, the business could be subject to division.
Where to look for hidden assets before property distribution
When high net worth couples in Michigan decide to file for a divorce, one spouse may go to great lengths to conceal some assets. This is often done because one spouse feels specific assets belong to him or her, and should not form part of the property distribution process. In some cases, secret financial activities, bank accounts and investments were concealed throughout the marriage. In any divorce, both spouses have the right to a fair settlement.
Property distribution: Options re business interests in divorce
Many individuals place a great deal of time and effort into making their business into a successful enterprise. When facing divorce, business owners may have concerns about how the process of property distribution might impact the future of the company. Owners may wish to take steps to protect their business interests, and they may benefit from speaking with an attorney in Michigan for guidance in the process.
Property distribution: Avoiding unnecessary tax penalties
Dissolving a marriage can be a highly emotional and challenging process, regardless of the age of those involved. However, for individuals in Michigan who have accumulated substantial amounts in retirement accounts, there may be additional factors to consider before entering negotiations for property distribution. Taking the time to gain an understanding of how retirement assets are divided could help a person avoid potentially devastating tax penalties.
Property distribution: Unraveling the financial ties of marriage
Throughout the course of marriage, the financial standings of a couple in Michigan and elsewhere may become intertwined. In the event of a divorce, untangling finances can often be a complex process. For those who are facing a similar situation, considering every crucial factor of property distribution before entering the process might prove beneficial in preparing for the road ahead.
Identifying ownership of assets prior to property distribution
For a couple who possess a considerable amount of property and assets, divorce can be a complex process. With so much at stake during this period, crucial areas such as property distribution are often highly contestable topics. In equitable distribution states, like Michigan, the division of assets must be fair, but does not necessarily have to be equal. With this in mind, an individual might find it beneficial to have awareness of all marital property before proceeding.
