Call for a Free Initial Consultation
Review Us
Creating Personalized Solutions We use our skill and experience to help each client secure the best available resolution to their situation.

Michigan divorce law: Don't let divorce ruin your finances

There are two times during the year in which the divorce rate in Michigan and elsewhere spikes -- spring and fall. As couples race to get their divorce filings over with, they may make mistakes that could hurt them economically in the long run. A divorce law attorney can assist those who are dissolving their marriages in taking the steps necessary to protect their finances.

Before one's divorce is finalized there are some things that can be done to protect one's finances. Making sure payments are still being made on joint accounts is a big thing, as failing to do so will affect one's credit score. Actively monitoring accounts for increases in spending is also wise.

When working on the dissolution of one's marriage, figuring out the division of financial assets can be a challenge. Michigan is an equitable distribution state, meaning that all shared assets will be divided in a manner which results in each party receiving a fair share. How this ultimately works out will be different for every couple.

Before dividing assets, it is wise to compile a list of all shared property. By doing this, both parties will be able to ensure all assets are accounted for and available for distribution. This is also a good way for one's legal counsel to review property so that information on the finer details, including taxes, fees and other ramifications that may accompany the division of certain assets may be provided.

Keeping joint accounts in good shape and understanding how the division of assets will truly affect one's post-divorce economic situation really is the key to keeping one's financial health in check. Divorce law attorneys, as well as financial advisors, can assist divorcing couples in Michigan in achieving fair and balanced settlements that truly serve their best interests. While not always easy to do, with the right help it is possible.

Source: nerdwallet.com, "Victim of 'Divorce Season'? Protect Your Finances", Kevin Voigt, March 29, 2017

No Comments

Leave a comment
Comment Information

Tell Us About Your Legal Issue

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

5885 N. Wayne RD | The | Smith | Law Offices, P.C. | 734.729.4465

The Smith Law Offices, P.C.
5885 N. Wayne
Westland, MI 48185

Phone: 734-729-4465
Fax: 734-729-4498
Map & Directions