There 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:

First marriages tend to be colored by the innocent blush of first love and all the fun of planning a big wedding and choosing cakes, dresses, dinner menus, and flowers. Second marriages, on the other hand, are often shaded with more doubts and concerns, particularly on the financial front. Consider the following issues that second-marriage partners should discuss, sooner rather than later.

Obligations Related to Prior Marriages

It is not uncommon for one or both partners in a second-marriage situation to have debts, child support, and/or spousal support obligations from a prior marriage. Remarriage may also be a reason to revisit and possibly modify modify support obligations and parenting time agreements, particularly if the remarriage also involves a change of residence and/or job.