
Most Common Financial Issues of Divorce
by mrobbins | Mar 2, 2021 | Uncategorized |
Divorce can be expensive, and the aftermath of a divorce can come as a financial shock to many Michigan residents. Married couples become accustomed to sharing costs of a single household, and in many marriages, one of the parties is the primary earner while the other party stays at home to raise children or to take care of other domestic duties. In these situations, the spouse who remained at home during the marriage can experience financial problems paying for a divorce, or locating information about marital assets in order to ensure that all property is accurately classified and is divided according to the terms of equitable distribution.
Under Michigan law, courts can make decisions about certain financial issues, while others may require experts to assist with the case, such as forensic accountants or appraisers. The following are some of the most common financial issues of a Michigan divorce that could arise in your case.
Hidden or Concealed Assets
The issue of hidden or concealed assets is one of the most common financial issues in divorce cases. In a divorce, both spouses are required to disclose all assets and debts so that the court can classify the property as separate or marital property (in order to divide marital property). In some cases, one of the spouses will try to hide or conceal assets that will be classified as marital property so that they will not be divided in the divorce. That spouse might transfer assets to a family member or friend, or might fail to disclose and then literally hide physical property, such as a painting or rare book. Often, the spouse with concerns about the hidden assets will need to hire a forensic accountant to locate missing or concealed property.
Complex Property Valuations
Certain types of property are more difficult to value than others. Complex property valuations are a common financial issue in divorces, and it may be necessary to work with a specialized appraiser to determine the value of a bespoke business or a distinctive art collection.
Commingled Property
Commingled property is property that has characteristics of separate and marital property because separate assets have been mixed with marital assets (or debts). This common financial issue can require the court to attempt to trace out separate property from marital property to ensure that all property is accurately classified and divided.
Difficulty for One Spouse to Pay for a Divorce Attorney
When one spouse is a primary earner, the other spouse can have difficulty paying for the divorce case. Michigan law allows the spouse who needs money to pay for the divorce to seek attorney’s fees from the other party. Attorney fees may be awarded when the party seeking them proves that he or she cannot bear the expense of the divorce and the other party is able to pay, or when expenses have been incurred because of the other party’s failure to comply with a court order.
Learn More from a Divorce Attorney in Michigan
If you have concerns about financial issues in your divorce, or if you need help seeking attorney’s fees during your divorce case, do not hesitate to get in touch with one of the dedicated and experienced Michigan divorce attorneys at our firm. Contact the Law Offices of Michael A. Robbins today to speak with an advocate about money and your divorce.
Recent Posts
Archives
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- May 2016
- April 2016
- March 2016
- February 2016
- December 2015
- November 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- March 2015
- February 2015
Categories
RSS Feed
Let us help you

Contact The Firm
3910 Telegraph Road
Suite 200
Bloomfield Hills, MI 48302
Phone: 248-646-7980
Fax: 248-646-7989