When affluent people get divorced, there can be a lot of financial information and resources involved in the process. Parties must disclose all the details of their assets and liabilities, and there can be discussions regarding business ownership, property rights and investments.
Getting divorced can be a painful process, even if you are ready to end the marriage and find happiness in a new relationship. And sometimes, the act or effort to move on can actually make the process more complicated.
During a divorce, social media is the outlet to which many people turn to distract themselves or vent about their experience.
Though you might be frustrated and unhappy in your marriage, there may be some issues that have you wondering if it might be better for you to stay together rather than file for divorce. One of these, changes to the way spousal support will be taxed, may have you considering other options. The changes make spousal support tax-deductible for the recipient and taxable income for the payer.
Many divorces are settled, but if you can't resolve all of your issues between yourselves, you can have a judge resolve them for you. If you do go to trial, preparation and etiquette are key. Their lack could cost you in terms of credibility and even affect your settlement.
Last week, we wrote a post about prenuptial agreements and the importance of this contract in family law and high asset divorces. Additionally, we talked about the many different topics you can, and can't, include in a prenuptial agreement. Today, we want to continue that discussion by talking about the other side of prenuptial agreements: how they can be legally challenged and invalidated.
When it comes to divorce in Metro Detroit, the more money and assets involved, the greater the stakes. High-value divorces have a higher level of intensity and drama than many lower asset divorces. Divorce is not always easy, and the issues involved are generally dependent on the number and value of wealth and assets. However, there are other factors, including emotions, that can play a role in the outcome of a divorce.
Mediation is an effective alternative to court divorce proceedings. In some cases, such as high-net-worth divorces, mediation is especially beneficial.
Any person in the higher income groups of Michigan who is in the throes of a divorce might have concerns of his or her soon-to-be ex hiding assets to avoid sharing it. Reportedly, the rapidly rising value of the cryptocurrency Bitcoin is making it one of the preferred ways of concealment in a high asset divorce. The way in which this currency is constructed apparently makes concealing it easy.
Most divorces are emotionally and financially taxing for both spouses. However, there are particular financial challenges in any high asset divorce in Michigan. The more assets a couple shares, the more battles there might be that can delay proceedings. Different types of assets in these marital estates are typically more complicated, requiring the services of skilled advisers.