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Three Steps to Protect Your Finances During DivorceDivorce is stressful for a number of reasons, and adding financial struggles on top of everything can set people over the edge. Before couples begin the divorce process, they often expect things to be cordial and expedient. Things can quickly get ugly when the possibility of divorce becomes a reality. The division of marital properties and assets can bring out the worst in individuals with some spouses going so far as hiding assets or lying about their financial stability. Whether or not your spouse is involved in foul play, it is important to take additional measures to protect your finances during your divorce to avoid paying for it later.

Gather Your Records

Some divorcing spouses will take advantage of their joint financial accounts right before the divorce becomes official by buying expensive things or making large purchases, draining the account to keep the money away from their ex’s pockets. Obtaining documentation of the amount within all of your accounts before the divorce is a good way to protect your joint and individual accounts from these sort of actions. With the proper evidence, you can prove that your spouse’s spending habits have changed drastically throughout the divorce, jeopardizing your financial stability in the future.

Create Your Own Accounts

Many couples share all of their financial accounts, especially females or stay-at-home parents. While this connection may not seem problematic throughout your marriage, once divorce becomes a possibility, it can leave you reliant on your soon-to-be ex-spouse. One of the first actions that divorcing couples should take is to open their own bank account and get their own credit card. Not only will they begin building up their own credit, but they will also have sole control over the finances. Many divorcing couples will close their joint accounts at the beginning of the divorce process to avoid unfair spending or foul play.

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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:

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Oakland County divorce attorney, asset valuation, marital assets, tax consequences, high asset divorceIf you are a member of a high net worth family and accustomed to a certain standard of living, a divorce can post a significant threat to your assets and lifestyle. To protect your best interests, you should understand the unique risks and challenges you may face in a high asset divorce.

Take the Time and Get the Advice to Do It Right

You may want to get your divorce over with as quickly as possible, so you can move on to the next phase of your life. You may not want to devote a lot of time to the process, as you may run a business that requires most of your attention or have a job that requires a lot of time away from home.

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Oakland County Bar Association State Bar of Michigan Collaborative Practice Institute of Michigan WCCDBA Woman Lawyers Association of Michigan
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