Men and women in Michigan facing a divorce can be at risk for losing more than they need to if they do not properly make decisions, leaving them at risk for unnecessary financial loss. Divorce settlements can be complex, especially when considering business division or other factors that may be out of the ordinary or include a mix of separate and marital property.
One new media article discusses some specific things that men contemplating divorce should be aware of to prevent serious financial impact. The overall cost of a divorce is something that many men may underestimate. In the ideal world of a simple divorce with little to divide and no contentions between spouses, a divorce can be properly completed without great cost. However, when alimony, a child support monthly payment, business or retirement assets and related factors start to surface, the cost can rise dramatically—especially if the former spouse is not in agreement with a proposed settlement.
Spouses should consider the cost of divorce carefully as it can dip into funds needed or planned for future activities such as a child’s college education or even retirement. Other factors worth considering are different ways to make spousal support or child support payments. These can include paying bills or care providers directly rather than paying an ex-spouse. This can be a good way to soften the emotional challenge of making such payments yet still meeting one’s legal obligation.
There are many ways that a divorce can quickly turn from a simple process to a complex, contested and costly experience. If you are facing a divorce, you may wish to speak with an attorney to learn a bit about how to prevent a divorce that costs you more than it should.
Source: Forbes, “What Every Man Needs To Know About The Financial Side Of Divorce,” Hayley Krischer, September 27, 2013