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Posts tagged "property division"

Getting a divorce over the age 50 includes challenges

Over the past 20 years or so there has been a shift in the demographics in divorce rates. As baby boomers mature, the divorce rate among couples over the age of 50 has seen a sharp increase as compared to previous generations. In fact, during the 20 years between 1990 and 2010 the divorce rate involving people in their 50s and older doubled, according to The Sioux City Journal.

Five assets that make divorce challenging for the wealthy

A lot of people grow accustomed to a certain standard of living during marriage. But because divorce can change all of that, discussing property division can turn into a battle over who gets what and how much.

What should I know about getting a divorce in Michigan?

First and foremost, it is important to remember that divorce happens, and Michigan is a no-fault state. A no-fault divorce means that the party filing for divorce does not have to prove any kind of fault and can seek a divorce for whatever reason. However, Michigan does have a residency requirement.

Is getting an annulment the same as getting a divorce?

Many people may have the incorrect view that an annulment and divorce are essentially the same. However, it is very important to understand that although the outcome may be the same under both an annulment and a divorce, in legal terms, they are two very different legal processes.

Have you updated your beneficiary designations following divorce?

Most people going through a divorce have a lot of issues that they have to tackle. Undoubtedly, the process can be emotionally taxing. Post-divorce, many people are simply easing into their now single life, adjusting slowly yet steadily and hoping that their ex-spouse and they can move on. However, in the hurry to get the divorce over with and forget the past many times people overlook the important issue of updating beneficiary designations on life insurance policies, financial accounts, retirement accounts and wills. The consequences of not updating beneficiary designations and leaving an ex-spouse as a beneficiary can have unintended repercussions.

Understanding prenuptial agreements

Many people in Detroit may be under the impression that the need for drafting a prenuptial agreement is only for the rich. Though it is true that wealthy couples often have a prenuptial, the option of having a prenuptial is available to any couple interested in it. Before deciding to draft a prenuptial agreement, it is important to have a basic understanding of what it is and what it entails.

What you should know about divorce in Michigan

There are many self-help and toolkit options which assist parties in filing the appropriate divorce paperwork, but in many cases divorce can get complex, particularly when there are children, assets and property involved. For anyone contemplating divorce, it is important to have a basic understanding of what the process entails.

Largest divorce ruling in U.S. history gives ex-wife $1 billion

Michigan residents may find it interesting to learn that the ex-wife of Continental Resources' CEO, who heads a top oil producer in the U.S., has appealed the couple's recent divorce ruling because she believes that the division of property and assets was not fair and equitable. This is all after she was awarded nearly $1 billion.

Actress Paula Patton files for divorce

Michigan fans of the American action spy movie Mission Impossible may find it interesting to learn that the female lead actress, Paula Patton of the latest Mission Impossible installment Ghost Protocol recently filed for divorce from her husband. According to reports, the couple had been separated for nearly eight months before Patton filed divorce paperwork.

Overview of family legal issues

When one thinks of family court, the very first image that comes to mind is a divorce proceeding. Though it is true that divorces occur in family court and involve child custody, child support and parenting time matters, many other family legal issues are also addressed in family court. These include annulments, paternity proceedings, stepparent adoptions, post-judgment matters, change of domicile hearings and even alternate dispute resolution options such as mediation.

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