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Posts tagged "Divorce"

Drawing Social Security retirement benefits after a divorce

People in Michigan who are divorced might be able to draw Social Security benefits on a former spouse's contributions although several conditions must be in place. The person receiving the benefits must not be remarried, but the ex-spouse can be. The marriage must also have lasted 10 years or more.

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.

Postnups offer protection, peace of mind

Postnuptial agreements are similar to prenuptial agreements in that they are both contracts between the members of a couple. They differ in their timing. Prenups are entered into prior to the marriage; postnups are entered into sometime after the marriage has begun. Among the advantages of these kinds of agreements for couples in Michigan is that they lend clarity to the couple's finances and may correct previous financial errors. If one of the spouses is bad with money, for example, a postnup may deal with the problem and create new money routines.

Why divorces go up in the month of January

Michigan residents would not be wrong if they thought that divorce seemed more common during the month of January. January has actually been called "Divorce Month" because of how many filings are made right at the beginning of the year. Even searches in online platforms that involve things related to divorce go up during January.

How divorce may impact a retirement account

A divorce could have implications for a Michigan spouse's retirement plan. Generally speaking, any money accrued in a retirement account during the course of the marriage is considered to be marital property. However, there is no guarantee that the account will be split in a 50/50 manner. If a qualified plan is being divided, it needs to be done under the terms of a qualified domestic relations order.

Divorce impacts money, children, living arrangements

Going through a divorce is one of the most stressful events a person can experience in his or her life. For people who are approaching or considering divorce in Michigan, it's important to try to minimize the stress of the process as much as possible, which means focusing on emotional, mental and financial health. Among the biggest concerns for people facing divorce are money, children and where to live following the divorce process.

Why more couples are choosing prenups

When people in Michigan get married, they may consider a prenuptial agreement. In the past, many people thought of prenups as a form of legal protection for celebrities or those with substantial generational wealth. However, people are choosing to marry after they have already developed their careers, launched businesses and invested in real estate, and many people marry others equally accomplished as themselves. As a result, a prenuptial agreement can be a wise choice for people of all financial means planning to marry.

Navigating co-parenting in a high-conflict divorce

When parents in Michigan decide to divorce, the next step is often moving to co-parenting. In a high-conflict situation, this can be a deeply problematic transition. Children often have strong emotional needs after the divorce, and absent a context of abuse or neglect, kids tend to benefit from a relationship with both parents. In a custody case, the primary consideration is the child's best interests, not the relationship between the parents. However, navigating a co-parenting relationship can be highly challenging, especially if one partner is manipulative, selfish or narcissistic.

Managing finances when going through the divorce process

In addition to the emotional stress that Michigan couples face as they go through a divorce, they are likely to face some financial problems. However, there are steps that individuals can take to help them to better understand and maintain control of their finances and investments during this difficult process.

Finances can drive some happy couples to divorce

Some people in Michigan may think of strategic divorce as primarily an option for ultra-wealthy couples. At the highest tax bracket of 37%, two high earners may end up paying more in taxes as a married couple than they would as single wealthy individuals. Some have speculated that more couples may choose to divorce if tax reforms are implemented that raise the tax burden imposed on the wealthiest individuals and couples across the country. In practice, though, the tax savings realized through a divorce are usually far smaller than the costs associated with a divorce itself, and most people involved are too wealthy to be concerned about the relatively small tax difference.

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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