Jackman & Kasody PLLCJackman & Kasody PLLC2024-01-24T14:49:57Zhttps://www.jackmankasody.com/feed/atom/WordPress/wp-content/uploads/sites/1303415/2022/05/cropped-ID-image-32x32.jpgOn Behalf of Jackman & Kasody PLLChttps://www.jackmankasody.com/?p=493632024-01-20T19:54:50Z2024-01-20T19:54:08ZFinancial expectations and social status
In high-profile engagements, the desire to achieve or maintain a certain lifestyle and uphold societal standards can create an atmosphere where signing a prenup is inevitable. The fear of judgment or the potential loss of social standing may lead individuals to reluctantly agree to terms they may not fully understand or endorse.
Family pressures and inheritance concerns
Michigan has a 5.97% concentration of millionaires, and some of that wealth is generational. Family dynamics play an important role in influencing the decision-making process surrounding prenuptial agreements.
In some cases, families may exert pressure on individuals to sign a prenup to protect family wealth and inheritance. The less-wealthy partner may also feel pressure from their family members to sign rather than risk a relationship with someone who is financially well off. The fear of disappointing or estranging family members can lead to a sense of obligation to sign a prenup, even if it goes against personal values or desires.
Unequal distribution of wealth
Individuals who bring significantly fewer assets to the union may feel pressure to sign an agreement that appears to favor their wealthier partner. The fear of financial vulnerability post-divorce may overshadow concerns about fairness or equity.
Fear of relationship failure
The fear of an engagement ending can be a powerful motivator to sign a prenup. Individuals may succumb to pressure from their partner to reduce confrontation or to reassure their partner of their commitment to the relationship. This fear-driven decision-making process can cloud judgment and result in agreements that may not withstand the test of time.
By acknowledging the various factors at play, individuals who feel their prenup is unfair may be able to challenge its validity.]]>On Behalf of Jackman & Kasody PLLChttps://www.jackmankasody.com/?p=493452023-09-05T16:09:10Z2023-09-05T16:09:10ZThe mediation process
A third-party mediator guides the discussions in a setting outside of the courtroom. The mediator helps the couple reach a mutually agreeable outcome. Each party has the opportunity to present their perspective on key issues.
The mediator facilitates a discussion to identify the concerns and interests of all parties involved. After understanding the concerns, the mediator helps generate potential solutions.
Once there is common ground, the mediator assists in formalizing the agreements into written documents. These agreements can cover various aspects such as child custody, visitation schedules and financial arrangements. The court then reviews them to ensure they meet legal requirements and are in the best interests of the spouses and any children involved.
Benefits of mediation
Mandatory family law mediation offers several benefits. It allows parties to maintain greater control over the outcome compared to leaving the decisions to a judge. Mediation is generally faster and less adversarial than going to court, and it can be more cost-effective.
There were 20,812 divorces in Michigan in 2022. As per Michigan law, each of these divorces went through mandatory mediation before litigation could take place. Knowing what to expect from the process can help divorcing couples achieve the most favorable outcome for both sides.]]>On Behalf of Jackman & Kasody PLLChttps://www.jackmankasody.com/?p=493442023-09-05T18:35:57Z2023-08-23T16:08:00ZDocument your assets
Gather records and statements that provide a comprehensive overview of your retirement accounts. These documents will serve as evidence during negotiations and help ensure a fair division of assets.
Consider a qualified domestic relations order
A qualified domestic relations order is a legal document that outlines the division of retirement plan benefits between spouses. This order allows for the separation of retirement assets without incurring early withdrawal penalties or tax consequences. By establishing a QDRO, you can ensure that the court divides your retirement assets as intended.
Negotiate trading assets
In some cases, trading other marital assets for a larger share of retirement assets can be a practical strategy. By carefully evaluating the value of different assets, you can work toward an arrangement that secures your retirement.
The U.S. Census Bureau reports that 34.6% of adults age 64 or younger have a 401(k)-style retirement account. If you have this or any other type of retirement savings, then it is important to understand how divorce will affect it. You have options for keeping your retirement plans on track.]]>On Behalf of Jackman & Kasody PLLChttps://www.jackmankasody.com/?p=493422023-07-24T22:29:35Z2023-07-24T22:29:35ZStage one: the intake process
Before any mediation begins, the mediator will meet with both parties to discuss expectations for the mediation process, as well as discuss terms of payment. The mediator takes this stage to gather information about the participants. This initial meeting covers administrative details, such as explaining procedures, presenting an agenda and handling questions.
Stage two: the information gathering
For the mediator to work successfully, he or she needs all the facts of your divorce and situation. You will need to provide information about the areas where you and your spouse already agree, as well as your positions on spousal support, division of marital property, child custody and child support. The mediator may ask you to bring financial statements, school paperwork, medical information and more.
Stage three: the issues at stake
During this stage, you and your spouse share your individual expectations and outcomes, as well as the reason for these outcomes. Needs and wants get evaluated against priorities, goals, values and what puts the needs of the children first.
Stage four: the negotiation process
The mediator works as a neutral third party to help both parties find areas of compromise. Mediators are exceptional problem solvers, brainstorming creative solutions to alleviate the stress of making concessions or compromises.
When parties agree on the negotiations, the settlement process follows. If not, the case moves to court. Knowing the stages involved prepares you for what to expect from the mediation process.]]>On Behalf of Jackman & Kasody PLLChttps://www.jackmankasody.com/?p=493412023-06-02T20:56:22Z2023-06-02T20:56:22ZUnderstanding annulment
An annulment effectively erases a marriage, stating it was invalid from the outset due to factors that prohibited a legal union. In Michigan, grounds for annulment include fraud, bigamy, inability to consummate the marriage, a party was underage at the time of the marriage, mental incompetence or coercion into the marriage.
The burden of proof falls on the party seeking the annulment. They must present evidence demonstrating one of the aforementioned grounds existed at the time of marriage. Importantly, children born during an annulled marriage are not considered illegitimate in Michigan.
Understanding divorce
A divorce, on the other hand, recognizes a marriage was valid but has irretrievably broken down. Michigan is a no-fault divorce state, meaning a spouse does not need to prove the other spouse did something wrong to file for divorce. The only requirement is that at least one spouse must have resided in Michigan for 180 days before filing.
Divorce proceedings in Michigan address issues such as property division, spousal support, child custody and child support. Both spouses have rights to marital property and may receive a portion in the final settlement.
Choosing between annulment and divorce
Choosing between annulment and divorce depends on the individual's circumstances and preferences. Some might prefer annulment for religious or cultural reasons or to avoid the stigma associated with divorce. Others might opt for divorce because it may be simpler to prove the breakdown of the marriage rather than meeting the specific grounds for annulment.
Understanding the differences between annulment and divorce can help individuals make an informed decision about which course of action best suits their circumstances and meets their needs.]]>On Behalf of Jackman & Kasody PLLChttps://www.jackmankasody.com/?p=476512023-05-17T19:23:45Z2023-05-17T19:23:45Zchild tax credit and child tax deductions.
Claiming the child as a dependent
To claim the child tax credit and child tax deductions, you must be able to claim the child as a dependent. In general, the parent who has custody of the parent the majority of the year is the parent who will claim the child as a dependent. However, parents can agree ahead of time that the noncustodial parent will claim the child as a dependent. If parents share joint custody, they may alternate years in which they will claim the child as a dependent. Note that in any given year, only one parent can claim the child as a dependent.
What is the child tax credit?
For the 2021 tax year, the child tax credit confers upon a parent the right to claim a credit of up to $3,600 for children under 6-years-old and $3,000 for children between 6-years-old and 17-years old. Whether a parent is eligible for this credit depends on the parent’s income.
Other tax credits for parents
Some other tax credits a custodial parent may qualify for depending on their income and other factors are the earned-income tax credit and the child and dependent care credit. Custodial parents may also be able to file as head of household. Ultimately, parents in Bingham Farms can follow the IRS rules regarding child-related tax credits, unless they agree in their parenting plan to deviate from these rules.
]]>On Behalf of Jackman & Kasody PLLChttps://www.jackmankasody.com/?p=493232023-05-03T18:51:08Z2023-05-03T18:51:08ZIs a business split up in a divorce?
Michigan property division laws follow a policy of equitable division for all marital assets, including a business owned by either spouse. Without a separation agreement in place that outlines what will become of the business in the event of divorce, it is possible that enterprise ownership will split between both spouses. Another possibility is that you might liquidate the business entirely and split the proceeds.
Can you protect your business through the divorce process?
The best way to protect a family business is often to enter the divorce process with a prenuptial or postnuptial agreement already in place. Another solution is to undergo mediation during the divorce process in which you and your spouse can come to an agreement outside of court regarding the distribution of marital assets. You may arrive at a compromise in which you maintain full ownership of the business in exchange for other marital assets that your soon-to-be ex-spouse values.
In the absence of an established agreement or compromise, the fate of a business in a divorce is uncertain. It is important to negotiate with your spouse or risk losing the business entirely.]]>On Behalf of Jackman & Kasody PLLChttps://www.jackmankasody.com/?p=492142023-03-31T18:49:37Z2023-03-31T18:49:37Zadvantages and drawbacks of a prenup.
Positives about prenups
Life can be unpredictable. A prenup can give you and your partner peace of mind that you have a plan if the marriage does not go how you intend. A prenup can also protect you in the following ways:
Protect assets: A prenup can protect the assets of each party by determining how they will be divided in the event of a divorce. This can help avoid a lengthy and expensive court battle over property division.
Clarify financial expectations: A prenup can also help clarify the financial expectations of each party. This can be especially important when one or both parties have significant assets or debts.
Protect inheritance: A prenup can also protect the inheritance of either party. If one party has received an inheritance, a prenup can ensure that those assets remain with that individual in the event of a divorce.
Avoid litigation: A prenup can help avoid litigation by clearly outlining the divorce settlement terms. This can save time and money in legal fees and court costs.
If, after being married for a while, you and your partner find that you are incompatible, a prenup can often simplify the divorce process since you made a plan ahead of time.
Not everyone likes prenups
Often, a prenup can seem like a way to protect one spouse at the expense of the other. While this does not have to be the case, there are some challenges when it is time to consider a prenup, such as:
Lack of trust: One of the biggest cons of a prenup is that it can be seen as a lack of trust between the parties. This can create tension and strain on the relationship before the marriage even begins.
Negative perception: There is also a negative perception surrounding prenups. Some people may view a prenup as an admission that the marriage is doomed to fail.
Limited flexibility: A prenup is a legally binding contract, and it can be difficult to modify or amend after signing it. This lack of flexibility can be a disadvantage if the circumstances of the marriage change.
Cost: A prenup can be expensive to draft and review by attorneys. This can be a financial burden for couples already paying for a wedding and other expenses.
If you are considering a prenuptial agreement, you should start the conversation as early as possible. In some cases, you may find your partner needs time to get used to the idea before being willing to have an open discussion.
Deciding whether or not to sign a prenup is a personal decision that each individual couple should make. A prenup can provide many benefits, such as protecting assets and clarifying financial expectations. However, it can also create tension in the relationship and limit flexibility in the event of a change in circumstances. It is important for each party to carefully consider the pros and cons before deciding. You should also consult with an experienced family law attorney to ensure that their rights and interests are protected.]]>On Behalf of Jackman & Kasody PLLChttps://www.jackmankasody.com/?p=492132023-03-13T05:30:14Z2023-03-13T05:30:14ZThe benefits of grandparent visitation
There are several benefits to having an active grandparent in your life. Here are just some of the benefits that your grandchildren may see if you remain a consistent part of their lives:
Stability: Regardless of how hard their parents try to avoid it, your grandchildren are going to be affected by their parents’ divorce. This can create emotional turmoil and uncertainty, but if you’re able to remain active in their lives, then you can become a stabilizing force that they need by providing consistency and emotional support.
Perspective: Kids sometimes struggle to navigate the world around them, especially when everything seems to be changing. As a result, when their home life is derailed, they can quickly become hopeless for the future and become riddled with stress and anxiety. You’ve gathered a lot of life experiences over the years, and as such might be able to help your grandchildren put things in perspective. Of course, you can only do that if you’re actually able to spend time with them.
Prosocial behavior: Active grandparents have been shown to increase their grandchildren’s school engagement as well as their empathetic behaviors. These prosocial behaviors can pay short- and long-term dividends for your grandchildren.
Overall happiness: You and your grandchildren probably enjoy spending time together. But the value of this connection is much deeper than that. Some studies have shown that contact between grandparents and grandchildren can reduce the risk of depression for both the grandparents and the grandchildren.
New skills: Growing up, you did things differently than your grandchildren do nowadays. That means that you have a lot to teach your kids, and they’ll probably be receptive to learning from you. Not only does this help develop your grandchildren’s skills, but it can also strengthen your bond with them.
Advice: As your grandchildren age, they’re going to need advice and guidance. While they’ll probably get a lot of that from their own parents, you might be able to provide a different point-of-view that helps them make holistic, diligent, and better thought-out decisions as they get older.
Do you want to protect your relationship with your children?
If you do, then you might need to be prepared to take legal action. This will include filing a petition for grandparent visitation and arguing why such visitation is in your grandchildren’s best interests.
It can be stressful to figure out the best way to do that, but that’s why you might find it beneficial to discuss your particular set of circumstances with an experienced legal team. By doing so, you might be able to craft the persuasive legal arguments that you need to ensure that you still get to have contact and a loving relationship with your grandkids.
]]>On Behalf of Jackman & Kasody PLLChttps://www.jackmankasody.com/?p=492102023-03-02T15:10:34Z2023-02-21T15:08:27Zchild custody and parenting time. Divorce is difficult enough but when a child is involved, it always seems so much more complicated and difficult to work out.
When it comes to deciding on and establishing child custody, there are specific guidelines that each state has in place, including Michigan. Once you and your child's other parent have established and finalized the child custody, at some point in the future, something significant may have changed and you may feel that a child custody modification is necessary. Although it is not easy to have child custody modified, it can be done under justifiable circumstances.
What is child custody?
Child custody is the set of rights and responsibilities that each parent has toward the child. Custody does not mean ownership. It is about how much time a child will be spending with each parent and the responsibility of each parent to make decisions on behalf of the child. If the child custody order needs to be modified, the court judge will need to modify that. If the judge feels that there is some good reason not to modify the child custody order because one of the parents is questionable, they will decide accordingly.
If the judge is the one who is deciding on child custody for a particular family, the judge will make decisions on behalf of the child and will decide exactly how much time the child will spend with each child. This happens if the parents are unable to decide on child custody and parenting time between them. The judge's goal in deciding about child custody is to build a strong relationship between the child and the parents.
Is there only one type of child custody arrangement?
There is more than one child custody arrangement. Those different arrangements can be decided upon by the parents or decided by the judge. If the parents are in dispute with regard to child custody, joint custody will be discussed. If one of the parents requests joint custody, the judge must consider that and rule upon it. The judge is also responsible for either granting joint custody or informing the parents why the judge has denied the request.
The bottom line is that that judge will decide based on what is in the best interests of the child. One possibility is that the judge will award joint custody and divide the time that the parents spend with the child equally. For example, the judge may award joint custody but not split the time that each parent spends with the child exactly equally. Perhaps one parent has physical custody during the school year and the other parent has physical custody during the summer.
Consult a Michigan family law attorney
If you are going through the divorce process and you are trying to work on child custody and parenting time, the legal advice of an experienced Michigan family law attorney may make things a lot easier for you. Your attorney can educate you about your rights and can help you to understand what you can expect and how the decisions that you make can impact everyone involved. The decisions that you make now are going to affect you and your family for a very long time so it is important that you have peace of mind and feel that those decisions were the best ones to make.]]>