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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.

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MI divorce attorneyIf you are a business owner, chances are your business is one of the most valuable assets that you own. Along with the family home and your savings accounts, your business must also be appraised and distributed properly during your Michigan divorce. Often, small businesses require hours upon hours of tireless work and days of patience while the company is built from the ground up. The last thing you want to see is your business become just another asset that is taken apart, piece by piece, and liquidated to divide in a divorce. Fortunately, there are a couple things you can do to protect your business as much as possible. Here are five ways you can help keep your business under your control during (and after) your divorce:

Protect It in Writing

The easiest way to protect your business during a divorce is by getting a prenuptial agreement. The agreement can state how the business will be handled in the event of a divorce and it can also basically prevent your spouse from getting any of it. If you are already married, a prenuptial agreement will do you no good, but a postnuptial agreement can help. This is basically the same thing as a prenuptial agreement, but it is signed and entered after you are already married.

Pay Yourself a Decent Salary

This can be important because if you do not pay yourself enough money, your spouse can argue that he or she did not benefit from the growth of the business. Instead of taking a modest salary and waiting for retirement, take a generous salary, that way you can say you “invested” your profits into the family, rather than putting it all back into the business.

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