You and your significant other got married a year ago, and it's been great. You haven't had any real problems or major fights. You were already living together before the wedding, so there wasn't a huge transition and a lot of conflict. You both own your own small businesses and money has been good.
When Michigan parents no longer want to stay together, they will have to decide who will be the primary caregiver of their child. If they cannot amicably come to an agreement, a custody dispute could ensue, during which the former couple will have to go in front of a judge who will then determine what is right for the child. Parents should go in with a solid plan when it comes to seeking custody.
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.
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.