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.
You might want to start by pulling copies of your credit reports and filing a request for financial status quo. This can help to make certain that you and your spouse will abide by any financial limitations that the judge puts into place while your divorce is pending. It will also let you gain a good picture of where your finances are at.
If you are not prohibited by the court from doing so, it may be smart to close all of your joint accounts and open new accounts in your name alone. You’ll want to request current copies from your retirement and savings accounts and keep your separate property separate from your marital property so that no commingling occurs. Finally, if you are able to do so, you should change the beneficiaries of your accounts and life insurance policies. If you are insured through your spouse’s work, steps should be taken to make certain that you will have continuity of health insurance coverage after your divorce is final.
Our attorneys understand the myriad of financial issues that often accompany their clients’ divorce cases. We work to help our clients understand their financial pictures so that we might be able to negotiate settlement agreements that protect their interests. We may be able to help with the division of retirement accounts, real estate holdings, stock options and other property our clients might have. To learn more, you might want to review our divorce finances page.