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high asset divorce Archives

Tips for preparing financially for divorce

Michigan couples who are getting a divorce might be concerned about how their finances will be affected. There are steps people can take in preparation that may help protect them financially. Sometimes, other people will have well-meaning advice, but divorce laws differ from state to state, and every situation is different as well. It is better to talk directly to professionals, such as an attorney and a certified divorce financial analyst, rather than making assumptions based on others' experiences.

3 signs your spouse may be attempting to conceal assets

The relationship between you and your spouse is growing increasingly strained, and you have a feeling a divorce is in your near future. At this stage in a marriage, one party may try to prepare financially for life after the marriage ends, and sometimes, spouses use sneaky methods to do so.

Using a QDRO in a divorce

Michigan couples who are getting a divorce might need to divide a retirement account. This process usually requires something known as a Qualified Domestic Relations Order. The QDRO is a complex financial document that should not be rushed through. People might want to hire a certified divorce financial analyst to walk them through the document and their choices to make sure they are getting a fair deal.

What happens to a business during a divorce

Some Michigan couples decide to try and start a business together. If the relationship becomes unstable, however, running the business properly may become problematic. While some founders plan for that contingency just in case this should happen, others fail to take this step. The failure to plan could cause the loss of the business.

A Family-Owned Business Can Significantly Complicate a Divorce

While many divorces are resolved amicably, this doesn't mean that they cannot become complicated. When a couple with a high net worth undergoes a divorce, it can be a challenge to divide the assets. There are multiple investment portfolios, property that resides in different states, and numerous other high-value items. This process becomes even more complicated if the couple owns a business together.

Costs when dividing a 401(k) in divorce

Spouses in Michigan who are divorcing will need a document known as a Qualified Domestic Relations Order if they want to divide a 401(k) account. Unfortunately, the costs for preparing such a document could be anywhere from $300 to $1,200 and more. Often, these fees are imposed by third party administrators.

Protecting finances in divorce

In Michigan, couples who are divorcing often think about the associated emotional issues while giving secondary consideration to their financial issues. It is important for you to think about the financial factors that your divorce will involve, however. By taking steps to protect your financial interests, you may be able to avoid financial distress later on.

Social Security benefits and Michigan divorces

When older people go through the divorce process, the focus of negotiations is usually on the division of financial assets and real property. The division of retirement assets may be a very important topic for divorcing spouses that are nearing retirement age. In addition to splitting up the retirement savings and investments, divorcing spouses may want to determine how their Social Security benefits will be affected.

Marital assets that should not be forgotten in a divorce

Most Michigan couples who are ending their marriage know that they will have to divide tangible items like houses, cars and furniture. Money in checking and savings accounts will also have to be divided, and divorcing spouses are often worried about getting their fair share of the cash. While property division negotiations are going on, people sometimes overlook certain items that are just as valuable but more difficult to split.

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483 Little Lake Drive, Suite 200
Ann Arbor, MI 48103

Phone: 734-249-6100
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