When you are a professional such as a CPA, dentist or doctor who owns your practice, or you are a small-business owner in general, it is natural to wonder whether a divorce will affect your operations. After all, you heard about that other dentist whose business records became public in divorce, and employees found out the business had been shut down.
It can be confusing and frustrating when you want to initiate a divorce or have to answer a divorce filing and have no idea about your financial situation. In divorce, as with many other issues, knowledge is power.
Divorce is a prominent issue in Michigan. Data from the Michigan Department of Health & Human Services shows that over 29,000 divorces took place in the state in 2015 alone.
Even during the most amicable divorce and with the most favorable settlement, your finances will take a hit. Legal fees, property division and supporting yourself after the divorce can all take a strain on your wallet. But it does not need to devastate you. The financial burdens you face will be worse if you do not prepare for what is coming.
Same-sex couples can have children together through a variety of means. When a same-sex couple decides to get a divorce, the court determines child custody much like they do with heterosexual couples. This occurs quite frequently, considering that data from Williams Institute indicates up to 1.8 percent of same-sex couples go through a divorce every year.
Divorce is still a widespread issue, despite the fact that the number of marriages ending has been going down throughout the country in recent years. However, in 2015, the Michigan Department of Health & Human Services reported that 29,000 divorces took place within the state.
Many women make the choice to stay home and care for their children while their husbands hold a career to financially provide for the family. When things change and the marriage ends, many ex-wives are left without the right precautions and protections to financially care for themselves.
Getting divorced often involves emotional and financial distress. Ending your marriage without proper preparation can exacerbate this. If you are not aware of your financial standing, you could be sideswiped by the financial effects of divorce.
Divorce can significantly impact your finances. If you did not get a prenuptial agreement, you might be worried about what will happen to your assets. Thankfully, there are still steps you can take to protect certain assets from property division. Here are some top tips for protecting your assets and minimizing the financial damage of divorce.