When Michigan business owners get a divorce, it may be necessary to determine what portion of the business the other spouse is entitled to claim. The first step in this process is to get the business appraised. An accurate appraisal will take more than just the...
high asset divorce
Money and the likelihood of divorce
Michigan couples may be interested to learn that a survey of more than 2,000 adults found that money is the primary cause of relationship stress. Thirty-five percent of the respondents highlighted finances as the main issue of contention between them and their...
Older adults, retirement and divorce
Older couples in Michigan who are considering getting a divorce may be wondering how the process may impact their retirement. The rate for gray divorces, or divorces that take place among adults who are at least 50 years old, is twice what it was in the 1990s,...
Asset division challenges for older divorcing couples
For older divorcing couples in Michigan, needs are often different. Children are usually grown, so child custody isn't usually necessary. Also, so-called "gray divorces" are often less contentious. Some long-term partners simply drift apart. And with divorce rates...
Dealing with complex assets during a divorce
Many high-earning Michigan residents store a substantial amount of assets in 401(k) plans and other forms of retirement funds that can generate additional funds through interest. If these individuals decide to divorce, however, their retirement accounts could be in...
Unpleasant financial shocks can accompany divorce
When people in Michigan decide to divorce, the financial aspects of the end of a marriage can carry with them some unpleasant surprises. In one recent survey, around 46 percent of divorced women said that they encountered major surprises about family finances during...
Bitcoin can add new wrinkles to high asset divorce
Divorce is frequently complex and emotionally fraught for people in Michigan and across the United States. However, it can also be a complicated financial and practical matter, with serious implications for both parties. When people have significant assets on hand,...
Properly dividing an IRA in a divorce
During a divorce, retirement accounts are normally assets that are subject to division. Traditional ERISA pensions, 401(k)s and 457 accounts, Roth and traditional IRAs can be considered assets of the marriage. Separating persons in Colorado should be aware that these...
Steps for financial protection in divorce
People in Michigan who are getting a divorce might need to protect themselves financially during this vulnerable time. Despite the overwhelming emotions of the moment, it is important for spouses to take steps toward protecting their short and long-term financial...
Potential problems with retirement accounts in DIY divorce
In Michigan and around the country, some couples who have made the decision to divorce forego legal counsel and try to handle much of the settlement of financial assets on their own, including the daunting task of dividing property and accounts. Retirement accounts...