Divorce can prove to be contentious for some Michigan couples. For instance, financial matters can be a source of great contention. In most cases, especially in contested divorces, the courts will take the lead on how to divide finances in divorce. Depending on the applicable divorce guidelines, there are different ways in which the court can view money distribution in divorce. Who gets what monetarily is mostly up to the courts.
Matters of child support, alimony, spousal support, property division and asset valuation are all money-centric divorce legal issues that can be a part of a divorce. Historically, the woman would gain primary custody of the children and be granted alimony and/or spousal support based on the trend that the man was the breadwinner in the family and that the woman needed to be financially supported. This not is not necessarily the case is the modern age and men and women are viewed on a more level playing field. In saying this, women must pay more attention to money matters in divorce.
There are specific things that women should look at and address from a financial standpoint when getting a divorce. As a result of the financial dynamic changing, it is imperative that women look to protect themselves financially. This may mean looking beyond the finalization of the divorce toward the future and figuring out what one’s financial needs may be.
Some states are community property divorce states and some are equitable division divorce states. Michigan is an equitable division state. As such, it is imperative to know the type of court that will be deciding issues in the divorce because they most assuredly will have an impact on one’s finances.
Source: TIME, “The 7 Biggest Money Mistakes That Divorcing Women Make,” Lili A. Vasileff, July 14, 2014