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May 2018 Archives

Can you divorce for asset-protection reasons in Michigan?

Many divorces occur because the parties grew apart or committed acts that were hard to move past. Financial issues, too, drive many divorces. However, what if you want to remain married, but it may make sense for financial reasons to get divorced? For example, what if one spouse has a high chance of losing assets such as the house, cars and money due to a personal injury lawsuit or another type of lawsuit such as one for malpractice? By getting divorced ahead of any legal actions, the both of you would, in theory, have the peace of mind that at least half of your estate is secure. So, is divorce a realistic asset-protection strategy?

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