GRAND RAPIDS, Michigan. Divorce is an emotionally taxing personal decision, but many individuals facing divorce don’t consider the financially taxing aspects of the legal process—until it is too late. Divorce can have an immense impact on your emotional and financial situation. However, with proper planning, you can protect your assets, while also resolving your divorce in an equitable manner.
According to a PNC Wealth Director, writing for the Fayetteville Observer, divorcing couples need to understand the family’s net worth. There are several ways that individuals who are divorcing can protect their assets. For instance, a qualified domestic relations order may be able to divide a retirement account without affecting your taxes. Seeking the assistance of a divorce lawyer in Grand Rapids, Michigan can also help you protect your rights.
Individuals are wise to understand their needs and financial situation before making decisions about dividing property and assets. Some individuals fight for the house only to learn that they don’t have the money to maintain it. Others agree to a division of assets only to learn that they now face a tax burden that lowers the value of their assets or investments. This is why it is important to contact the divorce lawyer at Gordon & Hess, P.L.C. to review your financial situation, your debts, and your cash flow to help you plan a division of assets that are in your best interests.
According to U.S. News and World Report, your divorce may require you to rethink more than just your personal life. Investing for one person may require a different strategy than investing for a couple. Speaking to your financial advisor before splitting your assets and investments can prevent you from making a potentially costly mistake.
Every divorcing couple’s needs will be different, but all couples can start by dividing their day to day finances. Opening separate accounts can be a good first step to financial independence. Being realistic about your financial needs can also help you plan for your future after divorce. Paying for two homes and apartments will always be more costly than sharing a home with a partner, so you’ll need to consider lifestyle changes and financial planning after you split your home and assets.
Women are sometimes at a disadvantage when getting divorced. Women may have sacrificed careers to raise children and may not always be aware of all the assets their spouse owns. However, marriage is a partnership and women are entitled to receive an equitable distribution of assets and property during a divorce. Some may be entitled to receive alimony in certain instances.
Gordon & Hess, P.L.C. are divorce attorneys in Grand Rapids, Michigan who can help you assess your financial situation and evaluate your unique circumstances. Every divorce is different. Sadly, many individuals choose to settle their divorce too quickly in an effort to move forward, and, in the process, they may rescind certain important economic protections under the law. A family law attorney in Grand Rapids, Michigan who understands the state’s divorce laws, can help you better understand your rights and protections and come to a fair and equitable resolution for your divorce.