High Asset Divorce Process
Divorces are challenging and the process can be long and difficult. High asset divorces may even take longer because of how much assets are involved. Trying to evenly divide assets in a high asset divorce can be hard, but with this blog there is nothing to worry about. Goldman and Associates works to get you the best possible outcome. Check the Goldman and Associates Law Firm Youtube channel, with over 400 videos on all legal matters you can learn everything you need to know about your case!
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.
Contested vs Uncontested
A divorce is uncontested when both spouses agree to the divorce, and there is no dispute about alimony, custody, division of property, etc. This results in an agreement being settled between them that will usually become the final divorce judgement. While this can save a lot of time and money, it will not shorten the minimum duration of six months if there are children involved.
Furthermore, there will still be at least one hearing where the question of marital breakdown will be considered. Furthermore, a family court may ignore or reject such an agreement between spouses regarding child support or custody if it believes that the agreement is not in the child’s best interest.
In a high asset divorce, your best chance for a fair and smooth process is to have an uncontested divorce. This involves coming up with an agreement with the other party to equally share the assets with no disagreements. This may be challenging but it will make the divorce process much easier. 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.
Conclusion
A high asset divorce requires a skilled attorney that can get you the outcome you desire. 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.
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