“Can I afford a divorce?” This is the question than goes through the minds of many older Michigan residents as they contemplate ending an unhappy marriage. In order to answer this question, it will be necessary to review the current financial situation and all elements that will be involved in the property division part of the proceedings. This will also include any alimony, child support and child custody concerns.
One of the first steps in this process is to take a look at the everyday financial needs of each party. How much will each individual need for daily life and to meet all financial obligations? What is the current income of each individual? A review of current income and expenditures should help clarify this part of the process. The answers to these questions will help determine if alimony will come into play and possibly whether the family home should be retained or sold.
In addition to current daily needs, the parties will also want to think long term. Most likely, the couple has retirement and investment accounts in addition to other property that will need to be divided. These will need to be analyzed and considered from both a current and future value perspective. Depending upon the type of account or property, taxes could play a significant role in its value.
Property division is often an area of concern during a Michigan divorce. It can have a tremendous impact on one’s current and future lifestyle. Accordingly, common sense dictates that each party will benefit by discussing the issues with an experienced attorney prior to making any final decisions.
Source: foxbusiness.com, “Biggest mistakes older women make in divorce“, Casey Dowd, June 4, 2017