High Asset Divorce In Michigan
Divorce is the legal dissolution of a marriage. In order to be able to obtain a divorce, you must meet all of the prerequisites in terms of residency before you can even file for divorce. However, just meeting the requirements to file for divorce is not enough. In order to successfully obtain a divorce in Michigan, you must convince a judge in a family court that your marital relationship has broken down beyond repair and that there is no chance of reconciling.
What Is A High Asset Divorce?
A high asset divorce is a divorce that involves a lot of property and where the parties are holding many stocks and investments. In order to file for divorce in Michigan you must be a resident of the state for at least 180 days (six months) and a resident of the county where you file for divorce for at least 10 days. An important thing to note is that both spouses do not need to participate in the divorce proceedings. While the person filing for divorce has to provide notice to the other spouse, the other party does not have to respond in any way unless they wish to contest some issue of the divorce. The other spouse’s permission is not required, and they cannot simply forbid it. In order for the other spouse to prevent the divorce, they must make their own demonstration to the judge that an irreconcilable breakdown in the marriage has not occurred.
What Do I Need For A High Asset Divorce?
It is extremely beneficial and important to hire a law firm that handles high asset divorces on a consistent basis rather than hiring someone to process papers and think that this is more cost effective. If you hire a law firm that isn’t accustomed to handling cases that involve millions of dollars, high value properties, or other assets, then you run the risk of this being handled poorly and not achieving the outcome you deserve. If you are in a situation where you have a lot of assets and will be filing for divorce, then you should make the smart decision to hire an experienced attorney who is familiar with this process. A high asset case requires an experienced attorney.
Dealing with a high asset divorce that includes property that has changed value, securities, etc requires that these cases be handled with the right timing. It is very important to time it in such a way so that you can fix your exposure at the beginning of your case and determine how much you are going to end up paying out. The main area of concern of many people is how much of the assets will I have left when the divorce process is over? You should keep in mind the timing of when you file impacts your ability to remain as financially stable as you need to be.
You will also need to remember to be straightforward with everything that you own. Don’t try to hide anything or put your money in different investments so you can have it all later, the court will find out. If you try to hide your assets and the court finds out things will not go well for you. The best thing to do is keep a list of all your assets and tell your attorney everything you have.
Conclusion
There is a huge difference between the complexity of a divorce case involving assets and a case with no assets. When there are a lot of assets involved there may be pension plans, multiple homes, or property, and these things might make it difficult to determine the true value. There may be assets that even have a fluctuating evaluation which can make it difficult when it comes to the division of these assets. When we divide assets, oftentimes there are assets whose value is a matter of dispute which can present challenges. If you need more information on Divorce in The State of Michigan contact Goldman and Associates Law Firm. At Goldman and Associates, our attorneys are experts in family law and they will thoroughly examine all aspects of your divorce. With the best lawyers in Michigan, Goldman and Associates takes each and every case very seriously and gives you the outcome you desire.
For more information on divorce in the State of Michigan watch the video below and check out the Goldman and Associates YouTube channel for more videos on everything relating to law in Michigan. Make sure to give our attorneys a call if you have any questions.
Click the link to schedule a free case evaluation:https://app.acuityscheduling.com/schedule.php?owner=17105687&appointmentType=18529428
For more information visit:https://www.akivagoldman.com/michigan-legal-blog/michigan-divorce-lawyer/
You can give us a call for a FREE phone consultation at (248) 588-3333
https://www.youtube.com/watch?v=vo7NFv9J_x8
Resources