What Can You Lose in a Divorce?
In Michigan, a man who owns considerable assets and properties can lose much in a contested divorce. If you plan to divorce or anticipate your spouse divorcing you, you must seek legal advice from a Southfield high-net-worth divorce lawyer immediately.
Almost every divorce proceeding has its complications and difficulties, but divorcing spouses with significant assets have additional and unique considerations. Conflict may escalate when spouses dispute the ownership of properties and assets in a divorce.
A Michigan divorce divides marital properties and assets and may require you to make child support or spousal support payments. If you are a high-net-worth individual, an experienced and skilled Southfield high-net-worth divorce attorney will help you keep what is yours.
What is an Equitable Distribution of Assets?
Getting a divorce in Michigan does not necessarily mean you will lose half of your assets and properties. A Southfield high-net-worth divorce lawyer will help protect your real estate holdings, stocks and bonds, and retirement accounts.
The court must divide marital assets in a Michigan divorce fairly and equitably. Michigan is not a community property state, so when a court divides marital assets, the division need not be an exact fifty-fifty split. If the distribution is equitable, it need not be perfectly equal.
In Michigan, a divorcing spouse may be entitled to an equitable share of her husband’s business even if that spouse is not a business partner. A Michigan court may consider a company you started before the marriage to be marital property if joint marital funds went into the business or if your spouse had a role in the management or operation of the company.
What Steps Should Men Take?
What can high-net-worth men do to protect their assets ahead of a divorce? Consider these recommendations:
- Know which of your assets will be considered marital assets by the court. Divorcing spouses must file complete financial disclosures, but you should know the total extent of your assets before filing for divorce (or, if possible, before your spouse files).
- If you believe your spouse is hiding assets to keep those assets from being divided, compile the evidence making you suspicious, and share that evidence with your Southfield high-net-worth divorce attorney immediately.
Have a professional financial specialist help you identify and document your assets. If you plan on filing for divorce or if your spouse is divorcing you, gather and copy your bank and credit statements, mortgage and insurance documents, tax returns, and other pertinent financial documents.
How Can You Help Your Divorce Attorney?
When you know what your marital assets are and have gathered the documents that prove what those assets are, you will be able to help your divorce lawyer protect what is yours, and your lawyer will fight for a fair and just divorce settlement.
In high-net-worth divorces, lawyers typically consult forensic accountants – professionals trained to find hidden assets. Unexpectedly closed accounts and abruptly transferred assets indicate that your spouse may be concealing assets.
If a reliable Southfield divorce attorney is representing you, and you have adequately prepared, you should move confidently through your divorce without losing assets or personal property.
What Assets Are Marital Assets?
Under Michigan law, marital property is divided “equitably” and “fairly” in a divorce. Michigan defines marital property as all properties and assets earned or acquired during the marriage, except those given to only one partner as a gift or inheritance.
Spouses are not required to liquidate marital property, but spouses must receive assets of equal value unless they voluntarily consent to another arrangement. In high-asset divorces, the attorneys investigate and scrutinize closely the other spouse’s assets and finances.
Should You Make a Settlement Offer?
During the divorce process, your lawyer may suggest making a settlement offer. Your spouse may reject your first settlement offer, but as a high-net-worth individual, you know when to stand firm and when to compromise.
A high-net-worth divorce does not have to be hostile or bitter. You should seek compromises and solutions to establish financial security for both of you. Your Southfield divorce attorney will help you find those solutions and compromises.
When Will You Need a Divorce Lawyer?
As soon as you know you will be divorcing, seek legal counsel. A Michigan divorce attorney will ensure your divorce is fair and that you lose nothing that is rightfully yours.
If you – or your spouse – are high-net-worth, consult a divorce attorney before taking other steps. Everyone who divorces has the right to a fair settlement and a good divorce lawyer’s help.
What Are the Rules for a Michigan Divorce?
To divorce in Michigan, one spouse must reside in the state for at least 180 days and in the county where the divorce papers are filed for at least ten days. The partner who files for the divorce is called the “plaintiff,” and the other spouse is called the “defendant.”
A filing fee must accompany the divorce petition. If the spouses have no minor children and neither spouse contests the divorce, it may be final in as little as thirty days, but that is seldom the case in a high-net-worth divorce.
Michigan is a no-fault state for divorce. The only legally accepted ground for divorce in this state is that the marriage has broken down irretrievably, and reconciliation is not possible.
The American Divorce Association for Men Will Protect What is Yours
The American Divorce Association for Men (ADAM) has represented men in divorce proceedings in the Detroit area since 1988. We provide candid advice, protect your rights, and ensure you keep what is rightfully yours.
We know how to resolve the complicated disputes that often emerge in high-net-worth divorce proceedings. From your first legal consultation through the final divorce decree, the American Divorce Association for Men will ensure that you are treated fairly by the court.
We will assess your needs and bring your divorce proceeding to its best possible resolution. If you or your spouse chooses to divorce, contact the American Divorce Association for Men by calling 248-290-6675 to schedule an in-depth case evaluation with no obligation.