Divorces can cost a lot of money. On average around the United States, the process of divorce costs about $15,000. In an attempt to reduce costs, some try to go through the process without a lawyer, and that is a huge mistake you do not want to make.
Divorcing couples in Michigan who own a home have several options for dividing it, but they should make sure to avoid some common mistakes as well. One error people make is fighting to keep the home only to find out they cannot afford it. Before deciding to take the home, a person should make a monthly budget that accounts for all expenses associated with it.
Those who are planning on getting married in Michigan and elsewhere will ideally have a financial talk prior to doing so. This can help them identify and potentially rectify monetary problems before they negatively impact a marriage. It can also ensure that both partners are on the same page when it comes to how to handle their money. The conversation should include everything from each person's credit score to the amount and type of debt that they have.