Elkouri Heath, PLC

248-344-9700

39555 Orchard Hill Place, Suite 215, Novi, MI 48375

Subscribe to this list via RSS Blog posts tagged in asset division

Oakland County divorce attorney asset division

When you get divorced, you and your spouse will need to divide your property and assets. During the property division process, you will need to identify all of your assets, determine their value, and reach a fair and equitable agreement for how these assets should be distributed between the two of you. Unfortunately, this process can become more difficult if one party tries to unfairly influence the results by hiding or concealing assets. If you suspect that your spouse has hidden assets from you, you will want to understand how you can uncover this activity and the steps you can take to ensure that your property is divided fairly and equitably.

Methods of Hiding Assets

There are a variety of ways that spouses may attempt to conceal assets that they do not want to divide with their spouse, including:

...

Oakland County collaborative divorce attorney

The words “collaborative” and “divorce” may seem like opposites. However, many divorcing couples find that it is possible to have a divorce that is respectful and rooted in cooperation. To end your marriage, you will likely need to address several complicated issues including the division of assets and debt, child-related concerns, and alimony. During a collaborative divorce, spouses work with a collaborative team to reach an agreement regarding these issues. Collaborative divorce is not right for everyone, but there are several advantages to using this strategy to end your marriage.   

Using Collaborative Law to Resolve Divorce Issues in Michigan

The purpose of the collaborative divorce process is to reach an agreement about unresolved divorce issues in a manner that is cooperative rather than antagonistic. Spouses begin the process by hiring lawyers to represent them. It is crucial to hire an attorney who is experienced in collaborative divorce. You and your attorney will discuss your questions, concerns, and goals regarding the divorce. Next, each spouse and his or her lawyer hold a series of meetings during which they discuss the divorce issues. Your lawyer is there to protect your rights and provide legal guidance so that you can make informed decisions.

...

Farmington Hills divorce attorney mediation

During the COVID-19 pandemic, many families have had to get used to new ways of doing things. Whether this means working remotely, helping children attend school virtually, staying home whenever possible, practicing social distancing, or meeting up with people online rather than in person, things have changed significantly in many people’s lives. In some cases, these changes may have caused relationships between married couples to deteriorate, leading them to consider divorce. However, the same factors that led to this situation may also make the divorce process more difficult. Concerns about infection may affect court proceedings, and reaching a resolution on divorce-related issues can be tricky when the parties and their attorneys are maintaining social distancing. Fortunately, virtual divorce mediation is one solution that can help spouses resolve their differences and complete their divorce during this uncertain time.

How Does Virtual Mediation Work?

During divorce mediation, spouses will typically sit down together in the same room as a mediator, and they will go over all of the issues that need to be resolved before they can legally end their marriage. The mediator will act as a neutral third party, helping the spouses understand how the law applies to their situation and offering suggestions on how they can reach mutually acceptable agreements on issues such as asset division, child custody, and spousal support.

...

Farmington Hills divorce attorney asset division

When a couple is getting divorced, property division is often the most contentious and time-consuming aspect of the process. It can feel insurmountable to have to divide every asset you and your soon-to-be ex-spouse have between you. However, there is one other thing that must be divided upon the occasion of divorce: the debt that both of you hold. Both must be divided equitably in Michigan.

Dividing Assets

There are several factors that a Michigan judge will consider when determining how assets are divided, but equity is the prevailing focus. Many people confuse equity and equality; equity is a legal term meaning fairness in all respects, while equality is more of a colloquial concept. A judge will weigh a list of factors and determine the fairness of the proposed distribution. Some of these factors include:

...

Novi asset division attorneyCouples have been getting divorced for centuries, and while the process may be standard, societal changes can cause divorce attorneys to adjust their approach. One recent issue that may complicate the asset division process is dividing cryptocurrency. The concept of cryptocurrency can be confusing for most people because it is a relatively recent invention. However, if you do own a form of cryptocurrency, such as Bitcoin, and are going through a divorce, finding a qualified divorce attorney who understands how to divide cryptocurrency should be your first step.

What Is Cryptocurrency?

Cryptocurrency is a type of financial exchange that is conducted through the internet. It does not belong to a bank, so there are no fees needed to keep it in an account online. Cryptocurrency is governed by computer code, and its computer technology limits the number of virtual "coins" in circulation. When either spouse owns cryptocurrency in a divorce, it is treated as intangible property. 

How to Value Your Cryptocurrency

Cryptocurrency is hard to value, and the market can be extremely volatile. Due to fluctuating exchange rates, virtual currency owned when a divorce commences could be worth 300 times its value by the end of the settlement, or it could be 300 times less. During the divorce process, the value of a cryptocurrency can be determined by calculating the Fair Market Value, or what it would be worth if exchanged for cash. 

...

Oakland County asset division lawyerOnce a couple decides to get a divorce, it is important each party do what they can to protect his or her assets in a mutual and respectable way. That may not happen on its own, but a good divorce lawyer can help. A lawyer can help you navigate the best way to untangle your finances so you can leave your marriage on the right financial track. 

In the context of divorce, finances exist well beyond the bank account: 401ks, life insurance, stocks, and others are examples of financial products that need to be divided. Below, we’ll discuss social security benefits and what steps to take to make sure you are getting your maximum benefits.

Under Certain Conditions, You Can Still Collect Spousal Benefits

You are still able to receive your ex-partner’s social security benefits even if your ex is remarried if the following conditions are met:

...

Novi MI divorce attorneyGetting a divorce can be financially costly. With court costs, filing fees and attorney’s fees, the expenses can add up quickly. These are in addition to any other financial issues you may be facing as a result of the divorce, like the monetary impact of going from two incomes to one and selling your shared home. 

Divorce can put a financial strain on even the most affluent couples, and it is not uncommon for people to come out of a divorce with debt or damaged credit. Having good credit is key for obtaining loans for things such as homes or cars, so having a good credit score is pretty important after you are divorced. 

Here are a few tips to help you rebuild your credit after your divorce:

...

Farmington Hills asset division lawyerOne of the most common things that married -- and divorcing -- couples argue about is their finances. When you get married, you often combine your two separate financial situations into one. This can make things easier on you when you are married, but it can spell disaster if you are attempting to separate finances because of a divorce. 

While a divorce is a normal time to stress about money and your other finances, some stress can be avoided with preparation. If you properly prepare your finances for your divorce, you will come out on the other side not feeling like you lost everything. Here are a couple tips to use when financially preparing for divorce:

Make Sure You Have All of Your Financial Documents

Before you can begin to prepare your finances, you must know what you are working with. This is why you should gather any and all documents pertaining to any part of your finances. Try to make sure you have documents such as:

...

Oakland County asset division attorneyThere is nothing more stressful and demanding than a divorce. It overturns almost every part of your life, and no matter your profession, you will feel the effects of the divorce. Those who own a professional practice or their own business have slightly different concerns when it comes to a divorce, specifically when marital assets are being divided. 

All marital property will be subject to division in a Michigan divorce. Marital property is any property that was acquired by either spouse during the marriage, including businesses. 

Property division can be difficult, especially dealing with family businesses or practices. Here are four ways to protect your business during your divorce:

...

MI family lawyerA divorce encompasses almost every part of your life. It can affect your emotional well-being, your financial well-being, and your family life. There are many decisions you must make when you get a divorce and all of those decisions will affect you for many years to come. Even just one mistake can cause you to suffer negative consequences, especially when it comes to finances. Avoiding making mistakes can mean a lot less stress and a lot smoother of a divorce process. Here are a few common mistakes that people make in a divorce and how you can avoid making them.

Not Knowing What Assets You and Your Spouse Have

When you are getting a divorce, property division is important and one of the most important things is knowing what property you and your spouse actually have. Most of the time, one spouse will have the responsibility of handling the finances. You should make sure if that spouse is not you, you have a decent understanding of your finances and what you actually own.

Forgetting About the Tax Consequences of Your Decisions

Almost every financial decision you make during your divorce will impact your taxes in some way. Spousal support payments will be taxed, which may or may not be better than a lump sum that would be taxed. Child support payments can also change your tax consequences. It is important for you to understand what the tax consequences of your actions will be.

...

Farmington Hills divorce attorney property divisionThe wedding ring handed down from your husband’s grandmother. The antiques from your wife’s family that were inherited during your marriage. Expensive purses and jewelry given by a husband’s mother to his wife as Christmas gifts. These are all examples of items that have both sentimental and financial value which can become bones of contention during a divorce. How do Michigan courts typically divide such items?

Engagement Rings

Michigan courts have ruled that if a couple breaks off their engagement prior to the wedding ceremony, the giver (purchaser) gets the ring back. Fault is not a factor here; that is, it does not matter who broke off the engagement or if one person was more to blame than the other.

...
Oakland County Bar Association State Bar of Michigan Collaborative Practice Institute of Michigan WCCDBA Woman Lawyers Association of Michigan
Back to Top