There are some things in life that simply cannot be avoided. For some Michigan couples, one of these things is divorce. In fact, the number of couples over the age of 50 deciding to divorce is an increasing number that is now almost twice what it was just 25 years ago.
The end of a marriage will inherently bring about change to the lives of everyone involved. For individuals in Michigan who are facing divorce, many may consider it vital to take steps to protect their financial futures throughout the process. However, with little to no experience in the area, some may be uncertain how a similar process might affect this area of life, potentially prompting a need to seek guidance on how best to approach the situation.
When a Michigan couple decides to end their marriage, many decisions will need to be made. Who will keep which assets and be responsible for which liabilities are often just the beginning. Custody issues often come in to play as terms of the divorce agreement are settled.
Financial planning is important throughout various phases of one's life. Many times, decisions that can have lasting financial implications are made based on emotion. This is often the case when a Michigan resident decides to divorce.
In many Michigan families, the home is the central focal point for many decisions. Couples spend time selecting the home, taking care of it and building a life in it. Then, when this life is altered by divorce, the dilemma of who gets the home can become an issue.
In many Michigan families, one spouse earns more than the other. In some cases, one individual works at home to take care of the family while the other pursues career opportunities. In other cases, one individual's career simply is more lucrative than the other's. Both spouses contribute to the family buy in different ways. This difference in financial compensation and contribution to the family can be accounted for in a divorce situation through the payment of alimony.
Once upon a time, two people fell in love, got married and assumed they would live happily ever after. Fast forward a few months, a few years or even a few decades and that vision of happily ever after has changed. On almost a daily basis, at least one Michigan couple decides that divorce is a part of their happily ever after.
Financial security is an important consideration when making long-term decisions. In some cases, individuals may decide that it is better to remain in an unhappy marriage rather than face the financial implications associated with a divorce. However, the majority of unhappy Michigan couples discover that while divorce does bring about a number of changes, once the financial aspects are addressed, each individual is able to move on and begin to create the life each desires.
Retirement accounts, investment accounts and home equity are usually part of the equation as a Michigan couple grows older and approaches their golden years. However, research is also showing that for more and more of these couples, divorce is also becoming a reality. The number of Americans over the age of 50 who decide to divorce has almost doubled in the past 30 years.
It's done. You got the agreement hammered out, it's been signed and you are now officially divorced. Your next step is making sure your assets and property are in your name alone. But is there one thing you are forgetting?