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.
Even those who go into divorce with the best of intentions can easily find themselves caught up in their own emotions. From sadness to anger to resentment, divorce can be as much of an emotional process as it is a legal one. While this is normal, letting those emotions run the show is not a good idea. Here are a few family law pitfalls Michigan divorcees should be aware of.
Securing a strong financial foundation after divorce is essential. Figuring out how to maintain that foundation can be a bit scary, though. Household income might be drastically reduced or, in the case of a spouse who was not employed, completely nonexistent. This can be a scary prospect that even holds some people back from filing for divorce in the first place. However, alimony -- which is an important part of Michigan family law -- can help ease some of these fears.
The sentiment "what's mine is yours" might be nice in theory, but it can be somewhat more difficult in practice. For instance, what about that inheritance your parents left you? Or a valuable gift from a dear friend? You probably want to hang on to these assets during a divorce, but depending on your situation, this might not be the case. Here is what you should know about how Michigan family law handles these situations.
For unhappy couples, finalizing a divorce often feels like crossing a monumental finish line. Some people may be unhappy to realize that they are still somewhat tethered to an ex-spouse through alimony. Although alimony is an important aspect of Michigan family law that is often vital to a person's well-being, those who are ordered to pay that support can take steps to lessen the feeling of being financially attached to their ex.
The beginning of a new year is a popular time for some couples in Michigan to realize that they need a fresh start, and to file for divorce. While this is not an uncommon process at all, the outcome may be much different than it was in the past. New tax laws are set to have a significant effect on the outcome of many family law issues, particularly divorce.
Even when the time has come to end a marriage, the prospect of actually going through a divorce might cause some to hit the pause button. Divorces are often expensive, time-consuming and emotionally draining. However, for Michigan couples who are hoping to divorce while still on the best possible terms, there are other family law options.