Understanding Finances in Divorce Is Crucial

What comes to mind when you think of divorce? For most people, child custody and support, property division and spousal support are the most common issues that people think of. These are all very important aspects in many divorces. However, there are many other issues that divorcing couples need to keep in mind when they are in the process of splitting up.

One of the most overlooked factors to keep in mind during a divorce is your finances, which can be especially true for women. Of course, it's important for both spouses to have this understanding, but it is traditionally more common for men to have a better handle on these issues because they are often the primary earner, or financial decision-maker. Obviously, every marriage is different and many women also work and handle the family finances, so there are exceptions to the norm. In any case, regardless of your status, you should have a solid understanding of your financial circumstances before and after a divorce.

According to recent studies, even when women have become the primary earner in their home, they are still leaving the financial decisions to their husbands. For example, according to a survey in 2014 from USB, even though many decision are shared between couples, men do most of the investing. Additionally, Prudential found in a 2012 study that while 22% of partnered or married women actually earn more than their partner, still only 19% of them make the majority of the couple's financial decisions.

This is significant, because when a couple divorces in Michigan, one could end up with a lot less in the settlement if he or she is not aware of the couple's financial circumstances. That's why it's so important for people to get all the financial information they can in order to protect themselves in divorce. Some of the important things to include are documentation of income and your assets, such as bank statements, tax returns, retirement statements, and credit card statements.

By having a solid knowledge of these financial matters, you can better protect yourself throughout the divorce process, and secure more financial security after the divorce is final. Please contact the Law Offices of Michael A. Robbins in Michigan for experienced and trusted legal representation in divorce. Call us today at 248-646-7980 or click here to get in touch with us online.