In addition to the emotional challenges of a divorce, Michigan estranged couples might also face financial challenges. However, there are steps that can be taken to prepare financially. On average a divorce costs about $20,000, but this does not take into account the costs in the years ahead.
For example, a marriage that lasts longer than 10 years is considered a long-term marriage. If one spouse does not work outside the home, the other spouse could be ordered to pay alimony until retirement. If the amount ordered for support is $1,000 per month and the two are fairly young when they get a divorce, this could add up to more than $400,000 over several decades. Child support is another cost.
A person who is considering a divorce might want to speak to an attorney and a financial adviser even before broaching the subject. These professionals might be able to help a person begin to get finances in order. This could include realistically assessing what it will cost for a person to pay a rent or mortgage, utilities and more on a single income. It might also be necessary to set up boundaries with any shared financial advisers. For example, a person might ask that private financial information no longer be shared with a spouse. People getting a divorce are generally advised to avoid any major financial decisions.
Property division is another issue, and it can be particularly complex in a high asset divorce. There can be other complications in this type of divorce as well. For example, one person may try to hide assets. However, if there is a reasonable amount of trust between the two parties, even in a high asset divorce, a couple may be able to negotiate a settlement agreement with the assistance of their respective attorneys instead of going through litigation.