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Divorce Archives

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.

What to know about separation

Michigan residents may be aware of the financial, social and emotional struggles that come from getting a divorce. That is why some may choose to work on their relationship instead of splitting up. However, those who choose to separate from their spouse should make sure that they have an accurate picture of the marital finances. This means knowing how much the other spouse makes, if there are any investments and how much money is spent each month.

QDROs and dividing retirement accounts

Couples in Michigan who are getting a divorce and who need to divide certain types of retirement accounts will need a document called a Qualified Domestic Relations Order. However, they need to understand the financial implications of a QDRO. This could include taxes and other fees. An attorney may be able to assist a spouse or might refer them to a certified divorce financial analyst who can offer further specific guidance on the QDRO.

Preparing for divorce

When you know divorce is on the horizon, it is time to take steps to protect your financial interests and to make the process smoother. Planning ahead and acting promptly can save a lot of stress and bitterness in the future.

Older adults divorce at higher rates

When looking at marriage and divorce in America, age makes a big difference. Michigan residents might not know that divorce is becoming less common for young people but more common for older individuals. Since the 1990s, the divorce rate has roughly doubled for couples who are 50 years old and older. In this age group, 10 out of 1,0000 married people divorced in 2015, which is an increase of five people.

The importance of focusing on children during a divorce

Many Michigan children struggle emotionally when their parents decide to split up. While there's no way to completely mitigate the emotional distress that results from a divorce, there are a number of ways that people may be able to help their kids deal with it. Some of the ways include picking the right time to announce a split and considering a mediated divorce.

Options for preserving business assets in a divorce

In many cases, Michigan couples who run businesses together met when the company was worth little. As the company increases in value over time, it may represent most of that couple's net worth. In the event of a divorce, the company may either need to be sold or incur heavy debt if a spouse cannot be bought out. This may be true even if only one spouse ran the company during the marriage.