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How can divorce impact my business?

Often, one of the biggest surprises in a divorce is the impact it has on a business. If you own a business in Michigan and are getting a divorce, then you really have to be aware of what is at risk. The last thing you want is to be unprepared for the divorce process and be unable to protect your business.

Dividing up marital debts

As you enter into your divorce proceedings in Clinton Township, you likely are prepared to have to divide much of your marital property with your spouse. One thing you may not be ready for, however, is to have to split certain elements of your debts. Your hesitancy to assume debts that you do not feel as though you had a hand in accumulating is understandable. This hesitancy has prompted many in your same position to come to us here at The Law Office of Lorrie J. Zahodnic, P.C. asking what they might do to ensure that they are not saddled with their ex-spouse's debts. 

Withdrawing your portion of a 401k

Getting a divorce in Clinton Township can quite daunting, especially if you were not the primary wage-earner in your marital home. Even with the potential promise of spousal support, you may face an uncertain financial future. You may need to pay for a new home, put a deposit on a rental property, or pay to return to school or receive vocational training. Many in your same position come to us here at The Law Office of Lorrie J. Zahodnic, P.C. questioning where they may get these funds. Like them, you may be surprised to by to learn one potential source may be your ex-spouse's 401k. 

Is all property eligible for division in a divorce?

If you file for divorce in Michigan, you may be faced with a host of issues to negotiate and include in your final divorce settlement. One of the most difficult may be that of dividing marital property. It can be exhausting and emotional trying to divide all of the property and assets that were accumulated during years of marriage. You may have grown attached to certain items and find it hard to part with them. Yet, not all property may be eligible for division in a divorce. There may be items that stay with you, even after the divorce is finalized.

Postnuptial agreements in Michigan

You often hear legal experts say that you should enter into a prenuptial agreement prior to your marriage in Clinton Township. Such advice is sound, as it protects both you and your spouse financially. Yet at the same time, many view them as being in poor taste given that prenuptial agreements leave open the possibility that marriages will end (which is likely something neither you nor your spouse wants to contemplate). Plus, you may have also heard that married couples can create postnuptial agreements. Many come to us here at The Law Office of Lorrie J. Zahodnic, P.C. asking if this is true. The answer we offer is often not what they were expecting. 

Using forensic accountants for an in-depth discovery process

Although many Michigan divorces finish quickly and amicably, proceedings that involve business owners or those with a high net worth can be lengthy. In complex divorces, it takes time to determine the value of each spouse’s estate and overall income. At The Law Offices of Lorrie J. Zahodnic, P.C. we understand the complicated nature of property division and have experience negotiating fair and equitable asset distribution.

Do I need a prenuptial agreement?

Prenuptial agreements aren’t just for the extremely wealthy. If you enter into a marriage with a reasonable number of assets or business interests, you should seriously consider implementing one to remain protected. Bankrate explains some of the basic components of prenups.

What should I know about property division?

It can be tough for Michigan couples to divide property and assets during a divorce. The right information is key in this case, as being informed will prevent you from making time-consuming and costly mistakes. Live About explains some things that all divorcing couples should know when it comes to dividing assets.

Who gets the artwork in a divorce?

Among the many other contentious battles over property post-divorce, divvying up artwork is often the most challenging. Whether you’re a collector or an artist yourself, your former spouse may pursue some of your pieces, either for ownership or sale value. In this case, the Art Law Journal explains how artwork is divided up and how to value it for asset division.

Protecting one's small business from property division

No one goes into a marriage in Clinton Township expecting that it is ever going to end. Statistics, however, seem to undermine the confidence of those who scoff at the potential of ever getting a divorce. Information shared by the Michigan Department of Health and Human Services shows that as recently as 2016, 28,916 couples sought divorce in the state. Yet even when faced with such statistics, many approaching marriage do not even want to consider a prenuptial agreement. Avoiding creating such an agreement can be damaging, especially for small business owners. 

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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