Any couple getting divorced in Michigan is aware that the potential financial impact of a marital split can be severe. Whether a high asset divorce, one that involves business division or complex property division, the options for financial losses on the part one either or both spouses is real. Along with a need to be fair and follow the law, each party understandably needs to protect his or her assets and future livelihood. That can entail anything from retirement accounts to interest in a business and more.
During and after a divorce, there are many decisions that a person can or must make that may affect the view of his or her personal finances. An article in the media currently advises individuals who are getting divorced to take more personal responsibility for their own financial situation instead of relying solely on external experts and advisors. Working with a financial advisor is not considered a bad idea but is recommended only after some personal education has been completed. According to the author, this really is the only way to make sure that any final decisions truly are right for the individual.
Source: Huffington Post, “Financial Tips That Ease the Sting of Divorce,” Julian Block, December 25, 2013