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Being proactive may make a divorce easier to handle

While a divorce can have a financial impact on Michigan residents and others who go through one, it is possible to recover from it. Ideally, individuals who believe that their marriage is going to end will learn as much as they can about their household finances. This could mean reviewing tax returns, looking over bank statements and keeping tabs on a retirement balance. Having regular conversations about money with a spouse could make it harder for that person to hide assets.

According to a survey from Fidelity, 10% of respondents said that they found out about hidden assets during a divorce. Furthermore, 14% said that there was debt that they weren't aware of until going through the process of ending their marriages. Ending a marriage may be easier if there is a prenuptial or postnuptial agreement in place. Prenuptial agreements are created before the marriage becomes official while postnuptial agreements are enacted after the marriage becomes official.

Having a prenuptial arrangement may make it easier to determine how existing assets are split in a divorce. Postnuptial agreements can help determine whether assets accumulated during a marriage will be treated as separate or marital property. Creating a trust may also help to keep assets from being taken away if a marriage is dissolved.

Individuals who end their marriages may be entitled to spousal support or other financial assistance in a settlement. The amount of an alimony payment will likely be determined by the length of the marriage, a recipient's age and a recipient's ability to find work. An attorney may be able to help a person learn more about how to obtain the resources necessary to maintain a reasonable standard of living. Custodial parents might also receive monthly payments to help pay childcare costs.

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Lorrie J. Zahodnic

"I will hold you up until you can stand on your own two feet."

Lorrie J. Zahodnic, P.C. has provided skilled and compassionate legal guidance to Michiganders in family law matters for over 20 years.

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