When affluent couples divorce, there can be a lot of assumptions about the process. People often assume it will be contentious, lengthy and public, for instance. Of course, this is not always the case, but divorces where there is a lot of money at stake do tend to invite more complexity and attention.
Engagement rings symbolize a promise for a future together. Those who purchase this piece of jewelry often have to save for months and, in some cases, take out loans to cover the costs. But what happens to the ring if one party calls off the engagement? That is the question posed in a recent case filed in federal court in Washington D.C.
The term "gray divorce" refers to those who move forward with a divorce later in life. Anyone that is over the age of 50 fits into this category. These individuals bring unique issues to divorce compared to those who are going through a split in their twenties or thirties. These individuals have had time to save for retirement and build their portfolios. As a result, these individuals must address the handling of these assets carefully during divorce.
It is not uncommon for a divorce to impact one's professional life. Those that hold executive and employee positions alike can take proactive steps to reduce the impact the divorce will have on their career.
Divorce is not something to rush into. However, couples that have decided that divorce is in their best interest may be wise to move forward with proceeding sooner rather than later.
With engagement season behind us and wedding season in full swing, many couples are in the throes of wedding plans. With all the bustle of securing a venue, finding a good caterer, picking the perfect dress or tux, and dealing with the million other details of planning a wedding, a prenuptial agreement may be your last priority.
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.
Any marital asset is generally subject to division during divorce. If one spouse is a business owner, this can mean the business is subject to division in the event of a divorce.
When facing the end of a marriage, many individuals may have concerns about how the outcome of the situation will affect their lives. Those who possess a considerable amount of assets may wish to safeguard their financial futures throughout this period, but they might be uncertain how best to approach the situation. When facing a high asset divorce, one could benefit from speaking with a family law attorney in Michigan for advice on the financial aspects of a similar process prior to entering negotiations.
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.