Many financial decisions will confront couples in Michigan who choose to end their marriages. Although people have long recognized the appropriateness of legal advice when seeking divorces, consultations with financial planners have become increasingly common, especially when people strive to have a collaborative divorce. The collaborative process aims to eliminate the need for court battles by bringing the two parties together privately to negotiate the terms of a settlement.
A financial planner might aid this process by helping a person identify every financial detail that the divorce will influence. In addition to thinking about a house, vehicles and savings accounts, a person could consider options for dividing the costs of health or automobile insurance.
People who have incorporated financial advice into their divorce planning have said that it aided them emotionally as well as financially. Careful consideration about their post-divorce finances produced results that reduced stress and long-term financial hardship.
A person can use financial advice in conjunction with legal counsel. An attorney may examine a person’s marital finances and provide insights about how the law could direct the division of property. Legal research might reveal the amounts of child support or spousal support that a client may be eligible to receive or responsible to pay. An attorney may accompany a person during negotiations with the former spouse and strive to protect the person’s interests during the decision making process. In addition to money matters, an attorney may be able to advocate for the person’s parental rights and design a custody agreement to prevent disputes in the future. When contentious issues threaten to derail negotiations, an attorney might propose compromises that prevent prolonged court battles. Once the parties come to terms, an attorney may draft the divorce agreements that need to be filed with the family court.