Avoid Problems by Understanding Divorce Property Division

People at the beginning of the new year may be eager to finally call it quits in their marriages and file for divorce. Although getting a divorce may feel empowering for someone who has been in an unhappy marriage, the complexities of the process can quickly weaken the person’s confidence. However, a few tips can help a divorcing individual in Michigan to feel more in control during a divorce proceeding involving matters such as divorce property division.

People often rush to get divorced without fully understanding the financial implications. Unfortunately, one mistake may end up costing a person in the long run. One area on which to focus is the division of property and assets; an applied knowledge of laws related to these areas might enable a person to fight for his or her fair share of assets.

It may also be helpful to review one’s tax returns dating back five years. This will help an individual to determine future tax-related advantages, which may be negotiable assets. Divorcing individuals might additionally wish to review retirement accounts and insurance policies and change beneficiary designations on them. If one lists a minor as a beneficiary, it will be necessary to name one guardian who will not be one’s future ex.

Although a divorce proceeding can seem intimidating, proper legal guidance may help an individual to navigate the process as seamlessly as possible. If two spouses can work toward a mutually agreed-upon settlement during divorce negotiation or mediation, this can be immensely beneficial in helping both individuals to achieve a satisfactory outcome with regard to their assets and property in Michigan. Both parties have the right to pursue a settlement that protects their best interests.

Source: valuewalk.com, “January is Divorce Month: Tips for Navigating the Life Transition“, Jan. 8, 2015