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?
Years ago, the typical Michigan household consisted of mom, dad and the children. However, today's reality is that many households have gone through the divorce process, and one parent is no longer an everyday presence in the home. Regardless, for the most part, the noncustodial parent is diligent in meeting child support obligations.
Tea parties, baseball games and homework are all an important part of a child's life. In some Michigan families, both parents are available to participate in and be a part of these activities on a daily basis. However, in other families, these activities are often split between the parents as the result of divorce.
The details have been finalized and the big day is approaching. As the Michigan couple prepares to exchange their vows, they also need to prepare to protect their future. The number of marriages that end in divorce suggests that a prenuptial agreement is an essential document in protecting one's future.