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