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.
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.
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.
Recent studies show education level is, in fact, a key factor that repeatedly appears in lists of commonalities among couples whose marriages end in court. Michigan readers might not immediately think of how far they went in school when asked to list the top three markers that suggest propensity toward divorce. As it stands, those who leave high school before earning diplomas are far more prone to marriages that do not last.
Most Michigan married couples do not enter their unions thinking they will one day wind up on opposing sides in court. In fact, divorce catches many spouses off-guard, thus setting the stage for some serious emotional challenges. The process is typically more easily navigable if one knows where to turn for support.
Divorce is one situation in Metro Detroit where some spouses hide assets to cheat their partners out of their share of the marital property. Many of them are not aware of how risky this type of behavior is. They may have motivation to hide information about assets and finances because of a sense of entitlement and negative feelings where they want to punish their partners. No matter their reasons for doing so, the temptation to keep more of the marital pot for themselves may be too much for them to ignore.