On behalf of Bebout, Potere, Cox & Bennion, P.C. posted in divorce on Wednesday, March 22, 2017.
One of the most contentious and taxing elements of a divorce is dividing marital property. People are scared about what they stand to lose, and the reality of supporting two households on smaller income can be enough to overwhelm any person.
Even though this process can be daunting and stressful, being prepared can be one of the most effective ways to alleviate some of the anxiety and apprehensions you may have about property division. Below are three ways you can prepare.
1.Understand what equitable means. In Michigan, we comply with equitable distribution laws with regard to property division. Equitable is not the same as equal, so your marital estate won’t automatically be split 50/50. The courts will take a number of factors into consideration before dividing marital property. However, in many cases, each party will receive roughly half of the marital assets and debts.
2.Familiarize yourself with your household income and expenses. In many marriages, one person is responsible for managing the finances. If that was not your role, you need to do your research. Review bank statements, utility bills, credit card receipts, loan payments and pay stubs so that you have a comprehensive understanding of everything that is at stake.
Secure a network of support. Besides your loved ones who can provide emotional support during this process, you should also have on your team your attorney, a financial planner and possibly a forensic accountant. These parties can provide critical legal and financial guidance during a divorce.
If you can do these things, then you can be confident in negotiating and understanding your divorce settlement.
However, it can be a lot to take in, so be sure that you discuss with your attorney any concerns or questions you have regarding marital property, equitable distribution, Financial Affidavits or any other element of the property division process.
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