One of the hardest parts of going through divorce is going to battle with a soon-to-be ex over how assets divided in a divorce impact both parties’ financial futures. Not only may these assets carry sentimental value, but they may also have monetary value that can impact both individuals’ financial futures in Michigan. A couple of tips may help people dealing with asset division to make wise decisions that will benefit them long-term.
Not all assets are equal. When determining how to divide marital assets based on their value, it is important to consider an asset’s future value as well as what one’s tax bracket will be in the future. Financial experts can help divorcing individuals to understand which assets are worth keeping following a divorce.
One of the biggest assets to split during a divorce is a retirement plan. A retirement plan is especially valuable because these plans are liquid assets, so money can be withdrawn from them to cover basic living expenses when necessary. A qualified domestic relations order can help with this, as it recognizes that a person is entitled to get a certain portion of his or her ex’s retirement plan benefits.
The divorce process can be complicated, especially if a couple has a large number of assets that have to be split. With the help of proper legal guidance, people can more confidently strive for a divorce settlement that is most favorable for them while also being fair toward their future exes. It is within the rights of any divorcing individual to fight for his or her best interests when it comes to the division of marital property in Michigan.
Source: mdjonline.com, “Your financial future after divorce”, William G. Lako, Jr., April 17, 2015