Common Financial Issues in Divorce

Common Financial Issues in Divorce

If you are preparing for a divorce in Michigan, you are far from alone. According to data provided by the Michigan Department of Health & Human Services, approximately 20,000 couples get divorced in the state each year. Divorce is complicated. The financial issues of a divorce can be especially challenging. By knowing what to expect, you will be in a better position to protect your rights and interests. In this article, our Clinton Township divorce attorneys highlight four of the most common financial issues that arise in divorce in Michigan. 

• Division of Property

As part of a divorce, you and your spouse must determine who gets to keep what. Property division is often one of the most contentious aspects of a divorce case. In Michigan, a divorcing couple’s property and assets are divided in an “equitable” manner. To be clear, this means that a 50/50 split (while possible) is not required under the law. Marital property will be divided in the most fair way. 

• Division of Debt

Many people are struggling with debt. Similar to property and assets, debts and liabilities also need to be divided in a divorce in Michigan. The division of debts can create conflict. Michigan law treats marital debts similar to marital property: A debt will be divided in an “equitable” manner. The debt may be split evenly between the spouses or there may be an unequal distribution. 

• Spousal Support (Alimony)

In Michigan, one person may be required to pay alimony to the other following a divorce. Also known as spousal support and spousal maintenance, alimony is not guaranteed by law in Michigan. It will only be awarded if deemed appropriate. The specific structure of alimony will depend on the case. 

• Child Support

Child support may be an issue in your divorce case if you have young children. The parent who does not have primary physical possession of the child may be ordered to pay child support in Michigan. Our state has generalized legal guidelines in place to determine how much child support should be paid. However, it is possible to deviate from the guidelines if there is good cause to do so. Contact our Michigan divorce lawyers for help with a child support dispute. 

Get Help From Our Michigan Divorce Attorneys Today

At Iafrate & Salassa, P.C., our Michigan divorce lawyers have the legal skills and financial expertise that you can rely on. If you have any questions about the financial issues in divorce, we are here as a resource. Contact us today to book your confidential initial consultation. With a law office in Clinton Township, we provide divorce and family law representation throughout the area.