Divorce can be complicated. Most Michigan residents know that a divorce can turn ugly when it comes to the process of dividing property and assets. Naturally, both spouses do what they can to ensure they obtain a fair share in the settlement that ends their marriage. By considering the following, they may be able to reach a fair settlement more quickly.
The most important step during property division is the valuation of assets. Professionals who are adept at determining the accurate value of a couple’s property and other assets can help both spouses better understand what they are dividing. Forensic accountants are commonly hired by attorneys for divorcing couples. Their assistance can be crucial, especially if one spouse believes the other is hiding assets. It is important to check the background of these professionals to determine their specializations before hiring them to examine a couple’s property and assets. Every professional has the person’s own field of expertise.
Financial experts can also help a divorcing couple reach a favorable outcome in divorce. Sometimes, family law courts fail to consider the lifestyle of the couple who are divorcing, which can greatly affect the outcome of property division and spousal support. With the help of financial professionals, divorcing couples can better understand the effects that property division will have on their lives after divorce. Once they have a clear understanding of what they face, they can make better and more sound decisions about how to divide their property and assets.
Before taking their case to court, divorcing spouses can try to resolve issues through alternative methods such as mediation. Not every divorce case can be settled through peaceful talk, of course. Litigation may be the only solution when the conflict between a couple will not allow them to reach an agreement themselves.
Source: Forbes.com, “Getting the most from a high-dollar divorce,” Russ Alan Prince, Dec. 1, 2014