Having a retirement plan makes sense to most people, but if asked about financial stability after a divorce, many will draw a blank. For some individuals filing for divorce, finances are something to be concerned with only afterwards. Family law creates multiple opportunities for those in Michigan going through a divorce to ensure that their future financial health is taken care of.
Stay-at-home parents and spouses who earned far less than their exes are often rightly concerned about how they will be afford daily necessities after a divorce. In some instances, they might have been away from the workforce for quite some time, while others might need further education to move upwards in their career field. Support from an ex-spouse can help address these types of issues.
Most people have heard of spousal support, although they might be unfamiliar with the specifics. This type of temporary support can be agreed upon prior to the finalization of a divorce, giving one spouse much-needed financial stability throughout the process. Rehabilitative support normally comes into play afterwards and is intended to be paid temporarily, until an individual has achieved financial self-sufficiency. In rarer instances, permanent support might be awarded, which is usually continued until the recipient’s death or remarriage.
Filing for divorce can be an emotionally turbulent period, and financial stress can contribute to that. In Michigan, family law allows for support payments to be made from one spouse to another, both before and after a divorce has been finalized. These support payments can ease financial burdens and allow individuals to better focus on the process and outcome of their divorce.
Source: kare11.com, “Navigating divorce while keeping finances straight”, Kim Insley, Sept. 13, 2017