Experienced Counsel
Tailored Solutions

Financial matters to be aware of during a divorce

On Behalf of | Oct 27, 2016 | Divorce

A divorce may signal the end of a relationship, but it may not be the end of the money problems that a Michigan couple may have. If a couple has joint debts, both parties may be obligated to pay for them. This means that if the other spouse fails to pay any debt that he or she agreed to take care of, the credit scores of both people could be hurt.

If a couple has children, both parents may be required to financially support them. This means that a noncustodial parent may be required to pay child support until a child becomes emancipated. In some cases, child support can linger beyond a child’s 21st birthday. It is common for the parent who makes the most money to cover a larger portion of educational and other expenses associated with raising a child to adulthood.

There may also be issues when it comes to dividing assets. Generally, both parties are aiming to retain the lifestyle that they had during the marriage. However, this doesn’t mean that assets will be divided evenly, which means one person may get the house while the other gets a larger share of a retirement account. Coming to a property division agreement may take the help of attorneys, mediators or even a judge.

A divorce may be settled either through litigation, mediation or in a collaborative process. Whichever way is chosen, the parties are entitled to have the representation of Michigan divorce attorneys. Legal counsel may help with property division, child support and other issues that typically arise while negotiating a divorce settlement. Parents who are deemed fit to do so may retain a relationship with their children regardless of how one parent may feel about the other after the marriage ends.