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Financial health after a divorce

On Behalf of | Oct 4, 2016 | high asset divorce |

When Michigan residents go through a divorce, they must figure out how to transition to single life. If they have become too attached to certain marital assets and fail to think about their financial future, they may end up in a precarious financial situation once their divorce is finalized.

If people know that they will have to start a new career after a divorce, it’s never too early to start looking for a job, polishing job skills and networking. Waiting until a divorce is finalized to begin planning for the future can be a big mistake, especially if the divorce settlement does not work out as expected. People may also want to hire a financial planner so that they can understand their new budget and determine what they want to ask for in property division negotiations.

While it may be wise for a divorcing person to start making career changes, it is not a good idea to make any changes to the marital assets. Funds in checking accounts, savings accounts and other joint assets should stay exactly where they are until the divorce proceedings are finalized. A divorcing person may also want to give serious thought to selling the marital home, even if the first impulse is to fight over it. Keeping a large home after a divorce can be expensive and burdensome for one person.

Property division negotiations can be especially complicated in a high asset divorce that involves multiple properties, businesses, investments and financial accounts. People who are concerned that they will lose valuable assets in a divorce settlement may want to have the assistance of a family law attorney during negotiations.