If you are about to undergo divorce proceedings in Michigan, you might have some questions about alimony and how it works. To the uninitiated, alimony has an aura of mystery about it, so it is not unusual for people to have a few misconceptions about it. The term alimony refers to a spousal support payment, usually monthly, after a legal separation or divorce. However, rules vary from state to state, and in many cases the judge has a degree of latitude in determining alimony payments depending upon the circumstances of each case.
When a person wins the lottery while going through a divorce, how does this affect the apportioning of assets? An article in the Washington Post reported that after a man won a $80 million jackpot his ex-wife should receive her fair share. This was the case even though the couple had separated in 2011 and the husband won the lottery in 2013. The divorce was finalized in 2018. A Michigan court of appeals made the ruling, stating that the couple, married for seven years before divorce proceedings began, shared in gambling losses so they should also share the winnings.
Another case of a high-profile divorce sheds some more light on asset allocation. According to Reuters, a divorce settlement resulted in the wife of 31 years receiving about half of the couple’s $2.5 billion fortune. She also received a $36 million house in California in the settlement. The settlement was the result of a bitter legal battle over a fortune made largely from a fixed-income investment management firm.