When you plan to divorce in Michigan, you may think about opening a secret account to stash away some money that your spouse cannot touch. While this sounds like a good idea and a good way to safeguard against being left with no money if your spouse decides to empty the bank accounts, it can end up a huge mistake.
Your business could be at risk if you wind up getting divorced. For instance, you may be required to split earnings with your ex, or you might even lose full control of your business if your former spouse is able to claim part ownership. Inc. offers the following information to business owners in Michigan to ensure their most valuable assets remains protected.
When you or your spouse is a high-profile person, it can make the divorce process even more difficult. You may have to be concerned with more than just the divorce. The media often wants to get involved and report on everything they can find. This can cause tension and stress on top of what you are already experiencing.
Many in Battle Creek might wonder why they are expected to divide a portion of their personal business assets with their soon-to-be ex-spouses (especially if he or she already owned the business prior to the marriage). In many cases, such holding would be considered separate property. However, according to Section 552.401 of Michigan's Compiled Laws, a non-owner spouse may entitled to a portion of the other's separate property if he or she contributed to its acquisition, improvement or accumulation.
Whenever someone splits up with their spouse, there may be a number of challenges they have to work through. However, the end of a marriage can be particularly difficult for high-profile couples who may live life in the public eye. From gossip columns and TV reports to social media posts, the digital era has brought even more ways for information to spread quicker and make daily life miserable for some people. Whether you are already struggling with negative attention or plan on splitting up with your spouse soon and expect that this issue will arise, it is important to be fully prepared.
If you have recently experienced a breakdown within your Michigan marriage, you may have suspicions about your spouse being less than honest with you. If, for example, you worry your spouse is being untruthful with you when it comes to money, it can have a serious impact on your ability to get a fair shake during divorce.
Many spouses may think they know best when it comes to the value of their personal collections during a Michigan divorce. However, using online research or a guesstimate figure could skew the divorce settlement considerably in one spouse's favor.
High-asset divorce in Michigan is rarely simple, but there are certain things that we find complicate the process unnecessarily. After all, you do not want to take a bad situation and make it even worse. At Vandervoort, Christ & Fisher, P.C., we find that the best approach is to strike a balance between representing our clients' individual interests and completing the process as soon as possible.
For those in Battle Creek that are preparing for divorce proceedings, among the most pressing issues they must deal with is comprehending which of their assets will be subject to property division. Typically, one of the more valuable assets that divorcing couples share are the funds available through retirement savings accounts (such as a 401k). Some might question the use of the word "share" in this context given that most view a 401k as an individual asset one earns through his or her employment. Yet any assets accrued into a 401k during a marriage are indeed considered to be marital property.
A prenuptial agreement is decidedly unromantic to many people. However, if you have financial obligations to family members, partners, shareholders or other interests in Michigan, it can be the right tool to smooth your path to the altar.