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June 2017 Archives

Prenuptial contracts and other concerns for blended families

Romance may be the furthest thing from one's mind in the aftermath of the end of a marriage, but many Michigan divorced spouses with children choose to remarry people who have also gone through a divorce. Research shows blended families, where one or both partners has children from a previous marriage, are not uncommon. These couples can be more successful with particular attention given to financial matters at the outset.

Requirements for deducting alimony payments on taxes

When two people in Michigan separate or get a divorce, one might owe alimony to the other. While alimony is usually tax-deductible, there are several conditions that must be in place for a person to claim that deduction. The parties must live separately, and the separation or divorce agreement must not specify that the payment cannot be taxed or deducted. The arrangement must end on the death of the person receiving the payments. Finally, the alimony must be part of the separation or divorce agreement.

How to protect income and assets after a marriage

Today, women around the country make 78 percent of what their husbands make. However, it has become increasingly common for a woman to make more than her husband in a specific marriage. Regardless of which spouse makes the most money or has the most assets, Michigan married couples are encouraged to communicate about financial matters in an open manner.

Studies show shared parenting benefits the kids after divorce

Many Michigan parents who are ending their marriage may know that in the past the children would stay with the mother if the parents got a divorce. In some cases, the father's role in raising the children would become diminished, preventing him from being able to foster a positive relationship with the kids. However, evidence showed that children and fathers often wanted and needed more time together than they were getting.