It is fairly common in Michigan households for both spouses to work and earn a living. However, in most instances, there is a clear breadwinner. This is the person who earns a larger income. Due to the fact that women are new to the workforce compared to their male colleagues, as well as the gender pay gap issue, men are most often the breadwinners. To add to this, women are the more likely of the two to make career sacrifices to travel with their spouse for work or to raise a family. So, what happens when these couples divorce?
Business Insider notes that there are two types of states when it comes to divorce and asset distribution. Community property states count all assets and debts acquired during the marriage as jointly-owned property, no matter whose name is on the title. There are some exceptions, such as when one spouse inherits property. Equitable distribution states place more emphasis on who brought what into the marriage and who made sacrifices for the marriage or family.
To avoid the 50/50 split of community property states, many breadwinners try to become a resident in an equitable distribution state to get divorced there instead. One such state is Michigan. The irony is that many breadwinners fail to remember that the sacrifices the other person makes in the marriage may also be taken into consideration. This may lead to them paying spousal support for a number of years or even until their ex dies or remarries.
For couples who are more focused on working together, Forbes recommends hiring a valuation expert. These accounting professionals help to tally up all the assets and debts between both spouses to help them draw a fair line. The more complex the income streams and the more diversified the assets, the more helpful this option may prove for couples committed to a fair and equitable divorce.
