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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:

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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:

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MI divorce lawyersWhen most couples are married, their finances and their assets become intertwined, which typically can make things easier - unless you get divorced. When you get divorced, everything must be separated again, which can make for a confusing process. You and your spouse might own things together, like a home, other real estate, cars, furniture, and other household items. The things that you and your spouse jointly own is called marital property. Usually, if you own things like real estate or a car, you typically have debt, too. Any debt that you have together, like a mortgage, credit card debt or auto loans must also be considered when you divorce. Like marital property, marital debt must be divided. In Michigan, marital property is divided equitably, which does not always mean equally. Here are some suggestions on how to divide certain assets during your Michigan divorce:

The Family Home

The easiest way to deal with your home when you are getting a divorce is to sell it and then split the proceeds. This only works, however, if you have equity in your home. If you do not have equity in your home, you might have to sell your home at a loss and then determine who will be responsible for paying the rest of the mortgage. If one of you wants to keep the home, then you can pay the other spouse what their half of the home is worth. Either way, the first thing you should do is determine what your house is currently worth and go from there.

Your Furniture and/or Household Items

Dividing your furniture and other things that you have in your house can be easy or it can be difficult; it is up to you and your spouse. First, you should make a list of everything that you own that is up for grabs. Make note of the items that you want to keep and the items that you could do without. These can be used as bargaining chips when it comes time to negotiate.

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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.

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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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