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Posts tagged "Property Division"

Is cashing out your portion of a 401k a good idea?

It almost goes without saying that your divorce in Clinton Township will bring with it a good deal of uncertainty. While it may be relief to no longer be involved in whatever bitterness may have permeated your marriage towards its end, you may now find yourself needing to secure new housing, go back to school or through career training, or in need of many other things whose expenses might be high. Spousal support may assist in handling these costs, but there is no guarantee that it will be awarded in your case. One source of funds that you may want to look to for a quick infusion of cash is your ex-spouse’s 401k. 

How is insurance impacted after divorce?

During a divorce, most people focus on asset division, alimony, and child support when it comes to financial issues. Insurance is less often considered, although it too can be drastically impacted by a divorce decree. Nerdwallet offers the following information so you can make the right decisions about insurance coverage as you navigate through the divorce proceedings. 

How is artwork valued during a divorce?

While property division is rarely easy during a divorce, dealing with valuable artwork is particularly challenging. In most cases, couples need to determine how much a piece is actually worth so it can be split between them equitably by the court. Art Law Journal offers the following insight into the valuation process so you can rest assured of a fair outcome. 

How are family businesses handled during divorce?

Running a business with your spouse can be an exciting prospect, that is until you experience problems with your marriage. In this case, you'll need to make some tough decisions about what to do with the business, which can be heart-wrenching when you put so much hard work into the enterprise. To help you make the best decisions for you and your business, Forbes offers the following advice. 

What are some mistakes to avoid with beneficiary designations?

Along with many other estate planning tools, beneficiary designations are a crucial part of passing your assets along to heirs after you're gone. They apply to things like retirement accounts and life insurance policies, the proceeds of which will automatically go to whoever is designated on the form. While this is certainly convenient, you must ensure that you're taking the right steps, as explained by Kiplinger

Divorce, property division and trust beneficiaries

Divorce and estate planning are two legal areas that can be incredibly complicated and stressful. In some instances, these legal topics may become intertwined, which can lead to a great deal of confusion and concerns about one’s financial future. For example, someone who is going through a divorce may wonder if their status as a beneficiary in one of their family member’s estate plans will impact the way in which marital property is divided, or if their ex will be entitled to any of their inheritance. Or, someone who is creating an estate plan, such as an irrevocable trust, may be worried how their trust will be affected by a beneficiary’s divorce.

Could your spouse be hiding assets from you?

Even with the tension that has permeated your relationship with your soon-to-be ex-spouse, you are likely still willing to give them the benefit of the doubt in many areas. While disagreements over the management of your financial resources in Clinton Township may have contributed to the end of your marriage, you might never have figured them to be capable of hiding assets from you. Or maybe your lack of suspicion comes from not fully understanding what it means to hide assets away. Whatever the reason, you should know what signs to look for to see if indeed your ex is not being completely forthcoming during your property division proceedings

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. 

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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