High asset divorces often involve a great deal of stress because there is both a lot to gain and a lot to lose. It is often the case that high asset divorcing spouses employ tactics and lucrative strategies to gain the upper hand in the division of assets. It is therefore important that you are not naive and that you take early action to begin planning your approach.
The following is an overview of ways that it's possible to get an upper hand when you are going through a high asset divorce.
Couples who share a family business will often work together to grow the company. This is often a viable system until the marriage dissolves and they have to determine what to do with the business. As part of the property division process, they will decide what happens to the company.
One of the first tasks is to determine whether it is covered by a prenuptial agreement. If it is, the terms of the agreement will be followed. In the absence of a premarital agreement, there are a few options that might be viable for the business if it is going to remain open.
You have always wanted to be a parent, but as someone who identifies as gay, you knew that would be trickier than for heterosexual couples. Over the years, you've looked into adoption, but for quite a long time, it wasn't possible for you to adopt without intense scrutiny. Today, it's much easier to adopt regardless of whether you're in a same-sex couple or intend to adopt as an individual.
Michigan does not have a ban on same-sex couples or individuals adopting. You are protected against discrimination based on your gender identity, sexual orientation or same-sex marriage. Additionally, if your husband or wife has a child you wish to adopt, you may be able to petition to adopt them yourself.
Going through a divorce means dividing assets that were once owned jointly between you and your spouse. This can be complex, particularly if you have a high amount of assets or if you and your spouse have been married for many years.
All divorces are subject to state laws. This means that if you are getting divorced in Michigan, the way that assets are divided will be subject to the asset division laws in place in Michigan. Before filing for divorce, you should make sure that you have a clear understanding of how assets are divided. This will help you to avoid unfavorable outcomes and will aid you in making the best out of Michigan's marital property laws.
The stress of a divorce can leave you physically and mentally exhausted. There is no question that ending a long-term relationship is difficult, and you may find it hard to know what to do next.
As you begin going through the process of a divorce, there are a few things you can do to help yourself emotionally. Being able to take breaks and refocus is going to be essential in helping yourself cope and deal with the legal aspects of your divorce as well.
You've spent countless hours building your company. Now, you find out that you're facing a lawsuit. Your next steps could have a significant impact on what happens next. It's imperative that you consider how everything you do could affect the outcome of the case.
First things first: Contact your attorney. Discussing the matter with them can give you an idea of what steps you can take to protect your company. There are some things you can do even before you speak to your attorney that may be beneficial.
Your divorce has been tough, but your goal is to see your kids as much as possible. With work as busy as it is, it was difficult to find a schedule that would give you as much time as you wanted. Their other parent doesn't work often, so it just makes sense that they're with them the majority of the time. Now, you're looking into alternatives, so you can still participate in their lives but also be able to handle your own work responsibilities.
When you originally looked at a schedule you could do, you only had a couple days a week where you could see your children for a few hours at a time. It isn't enough. So, what can you do?
Recovering from a divorce is a challenging undertaking. Not only do you have to think about the things that come with the legal process, you also have to try to rebuild your life. There are several things that you can do that might prepare you for moving on.
One thing that you can't do is remain in the same rut you were in at the end of the marriage. You need to make some positive changes in yourself so that you can find your new happiness. Consider these options to help you along:
Traditionally, businesses filed for Chapter 11 bankruptcy to reorganize during tough times. While Chapter 11 can give businesses a chance to get back on their feet, it doesn't come without flaws. With expensive filing costs and crippling reporting burdens, small businesses aren't always able to make it out on top. However, the Small Business Reorganization Act of 2019 (SBRA), could grant these entities a bankruptcy fast pass, allowing them to continue operations amid economic turbulence.
Divorce laws vary from state to state. This means that the way a specific divorce is handled in Michigan will be different from the way it would in, say, Texas or California. The divorce laws in different states can lead to hugely different outcomes, both in terms of finances and child custody arrangements. This is why you should consider in which states you are eligible to file, and what the likely outcomes would be, before taking action to file.
If you are considering filing for divorce in Michigan, you should first consider whether you are eligible. In order to file, at least one party must have resided in the state for 180 days. Additionally, one party must have resided in the county where the divorce is filed for a minimum of the 10 immediate days before the filing. If you are eligible to file for divorce in Michigan, pay attention to the following laws that apply to divorces in the state.
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