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June 2017 Archives

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Commingling a critical factor for inherited assets

When Michigan couples decide to end their marriages, the process requires the division of marital property. Assets received by a party through inheritance might be at risk of claims by an estranged spouse if the funds had been commingled with marital assets. For example, a spouse deposits inherited cash into an account held jointly with the other spouse. This act has commingled the money with marital money and very likely changed its status from a nonmarital asset into a marital one. Spending a portion of inherited money on a marital residence, either to buy one or remodel one, also would turn it into marital property.

Financial planning following a divorce

Once the dust settles and you and your former spouse have negotiated your property division, you want to pick up the pieces and set yourself up for success. Many people find that they are not able to enjoy the same lifestyle they did before because they only have one salary covering the household expenses.

The impact divorce may have on retirement accounts

The divorce rate has doubled among those 50 or older in Michigan and elsewhere since 1990. At that time, the divorce rate among that age group was five per every 1,000 marriages. In 2015, that rate had doubled to 10 divorces for every 1,000 marriages. The divorce rate for those who are 65 and older has tripled since 1990 with six divorces for every 1,000 marriages in 2015.

Court orders Mary J. Blige to pay temporary spousal support

The divorce proceedings for R&B singer Mary J. Blige have revealed her financial troubles to her fans in Michigan and around the country. Despite insisting that her prenuptial agreement with her estranged husband specified that spousal support would not be paid in the event that the couple ended their marriage, a judge has ordered her to make temporary payments to him in the amount of $30,000 per month. This was in response to the his request for $129,319 per month.

Alternatives to traditional divorce representation

Many Michigan residents who are going through a divorce might want to represent themselves in court because they think that they cannot afford to retain an attorney. This is known as pro se representation. However, they may be concerned that going forward in this manner will create a huge disadvantage for their case.

How to prepare financially for a divorce

Many Michigan couples see their marriages come to an end each year. Those who believe that they are headed for divorce may have several financial decisions to make ahead of time. However, before making any money moves, it may be a good idea to talk with an attorney in the state where the divorce is taking place.

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