While going through a divorce is never easy, it may be even more challenging for Michigan residents given the current economic reality. Investments are down, the housing market is precarious and families are struggling to make ends meet. Those realities increase the likelihood of disputes over the division of marital property and assets in a divorce. Add a second divorce to the mix, and the dispute may seem insurmountable.
If contested, second divorces can be very complicated and costly because of complex asset distribution, property division and even lingering issues from the first and second marriages, such as child support and custody. With the economy wreaking havoc on property values and investments, couples may actually find it harder to come to an agreement on what little they have left.
One way that those in Michigan can avoid the emotional and financial cost of a divorce is to consider entering into a prenuptial agreement. Prenups are often used to protect assets, establish the property and financial rights of each spouse in the event of a divorce. Openly talking with a future spouse about a prenup can be difficult but, should differences occur in the marriage, a prenuptial agreement can protect individuals and spare both money and heartache.
However, those facing a divorce without the benefit of a prenuptial agreement can still work to make the process run more smoothly. Experienced attorneys can help spouses avoid disputes by outlining the process and providing counsel on the available routes. Divorce can be affordable, even if certain aspects such as property division are not laid out in a prenuptial agreement. Approaching the process with the right frame of mind can go a long way in ensuring a smooth process and a quicker route to independence.
Source: Reuters, "Second divorces multiply the costs and pain," Geoff Williams, July 12, 2012