People in Michigan who are divorcing and who are carrying student loan debt might wonder whether that debt will be affected by the divorce. In general, student loan debt acquired prior to marriage remains the property of the person who took out the debt. Student loan debt acquired after marriage is treated like other asset in marriage, and it will be split in the divorce.
Divorce among older couples in Michigan is on the rise, and now many baby boomers are entering their retirement years newly single. Divorce among people over age 50 has more than doubled in the past two decades. Several new studies have shown that late-life divorce may not be good for women's retirement plans.
Each year, thousands of couples decide that their marriage has come to an end. The Center for Disease Control and Development reports that over 2 million marriages were formalized each year and over 800,000 divorces and annulments were performed since 2000. One way that the many couples seeking divorce can make the process easier is by preparing for the process beforehand.
A divorce may signal the end of a relationship, but it may not be the end of the money problems that a Michigan couple may have. If a couple has joint debts, both parties may be obligated to pay for them. This means that if the other spouse fails to pay any debt that he or she agreed to take care of, the credit scores of both people could be hurt.
Around 45 to 50 percent of first marriages end in divorce, and many of these relationships break down due to financial disagreements. Michigan couples might be able to lower the likelihood of divorce by discussing their own financial situations and attitudes about money prior to tying the knot. For example, couples should be clear about what assets and debts they are bringing into the marriage. This should include sharing credit ratings and any previous bankruptcies. Some couples may also want to consider a prenuptial agreement.
Michigan residents may be interested to know how child support is determined. A number of high-profile child support cases may contribute to the common misconception that child support paid to single mothers are usually excessive. However, the purpose of child support is to make sure that the children have access to the same standard of living they would have if their parents were married.
An increasing number of baby boomers in Michigan are choosing to divorce, and the trend appears likely to continue. Baby boomers who divorce may have complex issues regarding property division, especially since they are near retirement age.
When Michigan families break up, the divorce can be very difficult for the children even when the actual process is quick and the parents remain friendly. However, there are a few ways that parents can lessen the impact of the changes on the kids.
Michigan courts follow the principle of equitable distribution to determine how to divide a couple's assets at the time of their divorce. While some assets are easier to value, businesses tend to be more difficult to appraise.
Michigan residents who file for divorce in August may have chosen the late summer to part from their spouse because they are following a 'domestic ritual" calendar. That was a suggestion of a study on divorce by University of Washington sociologists. The researchers found that divorces peak in August and March, periods that follow traditional family holidays.