Kline Legal Group P.L.C.

high asset divorce Archives

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.

Benefits of having a money talk before marriage

Money can play a large role in whether a marriage succeeds or fails. Therefore, Michigan couples should talk about what assets that they are bringing into the marriage, what debts that they are bringing into the marriage and who will be paying those debts. It is also important for couples to create a budget that they can agree and stick to over the long run.

Financial health after a 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.

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

Phone: 734-249-6100
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