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Financial tips for divorcing couples

All is fair in love and war, as the expression goes. For readers of this family law blog, the sentiment could be adapted to love and divorce. Yet a look back at some of the research findings on this subject in 2013 suggests that the customs and aftermath of the divorce playing field may be changing.

For starters, a national study by a university research center in July 2013 noted that the prospect of remarriage might be less common today, despite a continued high rate of divorce. Apparently some Americans might choose to remain unmarried after going through a divorce. In fact, 15 percent of American women are either divorced or separated.

Given that finding, the importance of securing a fair and equitable divorce arrangement cannot be overemphasized. An attorney experienced in divorce law knows that spouses from a dual-income household will have to make budgetary adjustments after their divorce.

It may be a common human reaction to simply want a marriage to be over. Yet a spouse’s status as divorced might continue for many years after a divorce -- if not permanently. For that reason, an individual beginning the divorce process needs to communicate with professionals, such as a divorce attorney, who will help them plan for their assets and financial securities after the divorce.

Under Michigan law, divorce courts generally aim for an equitable distribution of the marital estate. Yet that result usually cannot be obtained without the substantial input of the parties. Even if a couple agrees to an uncontested divorce to help lower costs, it is important for each spouse to prepare their own inventory and independent valuations of the marital estate.

Source: Huffington Post, “Research Findings From 2013 Offer Insight Into Why Couples Split -- And What Happens After,” Taryn Hillin, Dec. 30, 2013

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Financial tips for divorcing couples | Peter A D'Angelo, Attorney at Law, PLC