Divorce is an emotionally stressful time for all involved, including the families of the parties in the divorce, their children and their friends. Mostly everyone who is related or in some way attached to the couple getting a divorce is affected. With that being said, however, the only thing that may be more stressful is the money aspect of a divorce. At the end of the day, divorce can center on finances just as much as it centers on emotions. Emerging from a Michigan divorce financially stable is a helpful goal to have.
Actively maintaining one's finances when contemplating a divorce is paramount. For instance, ensuring that your money is protected will go a long way towards peace of mind. Opening separate banking accounts and establishing separate credit cards are an important step toward financial independence. Moreover, understanding one's financial situation while married is also very important because it will help in divorce proceedings when financial questions are at issue. The more that is known about the financial ins and outs of a marriage, the more likely the divorce will go smoothly.
Money may be the real bottom line in a divorce. The proof is in the pudding, so to speak. Major topics of discussion in divorces are property division, alimony, prenuptial agreements and child support. Each of these topics tends to swirl around money. Who is going to get what financially in a divorce is probably the biggest question that needs to be answered outside of child custody matters. Contested divorces are usually contested because of the money that is involved. This is more the case in high asset divorces. Statutes and regulations bind the courts when it comes to divorces and this also pertains to the money side of matters.
Financial security after a divorce is something that requires knowledge of the situation and planning. It is not an unattainable endeavor by any means; in fact, with the right legal guidance, a divorcing couple can keep their finances on track from start to finish.
Source: ABC News, "How to protect your finances in a divorce," AJ Smith, Mar. 31, 2014