When parents divorce, the agreement often stipulates that one parent is responsible for obtaining and paying health insurance for the children. If you are the one who does this and your insurance is from a job you have always hated or have come to hate, you may wonder, "Am I stuck in this job until the kids turn 18 because the divorce decree requires me to pay for their health insurance?"
Depending on its complexity, it can take months or years to settle a divorce. However, the divorce settlement is merely the first step when it comes to managing finances after a Michigan resident ends a marriage. As soon as the divorce is finalized, it may be a good idea to make changes to beneficiary designations. This may help to ensure that a former spouse does not inherit assets when that individual passes.
Hurt feelings and disappointments play a role in almost any divorce in Michigan. When someone's actions are especially hurtful, a former spouse might naturally want revenge and look to a court to make it happen. Long legal battles, however, come with high price tags, and the research of one social psychologist identified negative long-term results from exacting revenge upon someone.
When Michigan couples decide to end their marriages, the financial implications are often a major source of stress and detailed planning for the future. The end of a marriage can carry significant consequences for both divorcing partners far beyond the emotional disentanglements and the complications of custody. Indeed, a divorce can have long-term effects on the financial stability of both spouses and can impact a wide variety of accounts. One less-considered aspect of financial changes after divorce involves taxation.