Losing a loved one is never easy, and while an inheritance does not erase that pain, it can be an important key to upholding a family legacy. Unfortunately, even inheritances are not strictly immune to divorce. Depending on how a person treats his or her inheritance, it might be considered marital property under Michigan family law.
Prenuptial agreements do not come in one-size-fits-all formats. All couples in Michigan have unique concerns and situations that require a more personalized approach, so the ability to customize solutions is important. Here are a few family law matters that some people choose to include in their prenups.
Credit scores are an incredibly important measure of financial well-being. These scores can open up access to loans and lines of credit that help people in Michigan move forward in life. Unfortunately, divorce can cause some people's credit scores to take a significant hit. This does not always have to be the case, though, and careful attention to certain family law processes can help most people preserve their financial integrity.
Parents with primary custody of their children often rely on child support for covering their children's daily expenses. From paying for health insurance to covering school expenses, raising a child after divorce can be expensive. Unfortunately, some parents simply choose to not pay their court-ordered child support. Michigan family law gives parents options for securing support from nonpaying parents, including seeking back child support when necessary.
Making decisions as a parent can be complicated because they do not just affect you, but also impact your children. If you are divorced or unmarried, you also have to consider how your decisions will affect your child's other parent. This can be especially tricky when it comes to moving. Here are a few things you should know about how Michigan family law handles this topic.
Some entrepreneurs like to work solo while others prefer to work on joint ventures. For the latter who chose to go into business with their spouse, the topic of divorce can produce some unsettling concerns. Married couples who are also business partners will need to deal with some unique Michigan family law issues, particularly in regard to property division.
Property is not just a collection of random things that a person owns. For many people in Michigan, property has significant emotional and financial value. For instance, home is a place where family memories were created, but it may also be a financial investment. Dealing with these things during a divorce can be overwhelming for even the most level-headed person. Here are a few things to keep in mind when approaching this family law issue.
Michigan entrepreneurs and business owners put an enormous amount of time, work and effort into their businesses. But what happens when a business owner divorces or goes through a significant family law event? While most people do not want to short their ex-spouse on a fair share of the assets, business owners do not want everything they have worked for to fall apart. This does not have to be the case.
Despite being emotionally prepared to file for divorce, many people in Michigan delay filing for divorce because they feel as if they are not financially ready. This effect might be especially pronounced among Baby Boomers and those either close to or in retirement. Many are justifiably concerned about their financial security during retirement and the implications of splitting their retirement assets during divorce. In family law, not everyone understands that drawing Social Security benefits based on an ex-spouse's work history is possible.
Co-parenting is a popular trend in child custody, but is it right for everyone? Unlike traditional approaches that give one parent primary custody and the other visitation, this process requires an enormous amount of compromise and negotiations from both parents. Here are a few things that Michigan parents might want to keep in mind when dealing with this difficult family law topic.