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.
In equitable distribution states, such as Michigan, the division of property must be fair, but it doesn’t necessarily have to be equal. This process also includes the division of marital debts, which could have a significant influence on a person’s financial future, even if only temporarily. In addition, even if one party agrees to responsibility for certain marital debts, should these accounts become overdue, the credit score of the other individual may suffer in the process.
The pursuit of certain assets can also have a substantial impact on a person’s finances. Those who wish to seek ownership of the family home may find it beneficial to consider the costs of upkeep and maintenance prior to making a decision. The presence of a mortgage may also play a role, as a divorce may make it necessary to refinance. These scenarios could prove somewhat intimidating for those transitioning from a two-person income to life on their own.
With the potential gravity of each decision during a divorce, an individual may benefit from seeking advice in the initial stages of the process. By speaking with an attorney, one could obtain guidance in making informed decisions regarding his or her financial future. A family law attorney in Michigan can address all a client’s concerns and wishes and provide advice on how to pursue the most favorable outcome possible during divorce proceedings.
Source: marketwatch.com, “What a divorce can do to your credit“, Josh Smith, Dec. 28, 2017