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Helpful financial tips for divorce

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People in Michigan who are considering getting a divorce should be aware that the process may have a drasticeffect on their finances. However, there are certain ways they can make sure that they have the best chances of having a healthy financial future after their divorce.

Whether or not married individuals are planning to get a divorce, having their name on the deeds and titles of property they own together with their spouse is necessary if only to avoid issues with the property if the spouse dies. If a divorce is a possibility, having one's name on the legal documents as an owner can be beneficial in states that use factors such as how much each spouse financially contributed to purchasing the home and in what manner the home was used to determine who should receive it.

Another important step to take for soon-to-be divorcees is to make sure that their estate plans are current and that their will and beneficiary designations are updated. The legal documents that specify the beneficiaries for retirement accounts, bank accounts, insurance policies and stocks take precedence over the will if there are differences. Individuals who do not want to have an ex-spouse inherit their assets should review their beneficiary designations and make sure the will is in agreement.

One major financial adjustment divorced individuals have to make is living on just one income. To get prepared, it is helpful to begin budgeting before the divorce. This will also be helpful when negotiating divorce settlement terms.

An attorney who practices divorce law may assist clients who are undergoing a high-net-worth divorce. The attorney may protect a client's rights and interests when negotiating the division of business assets, property interests, retirement plans, real estate and other expensive marital property.

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