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Property division has significant financial implications

The decision to end a marriage can be a difficult one to make for many Michigan couples. Often, the decision boils down to finances. Although one of the individuals may truly want a divorce, financial concerns play an important role in the final decision. The individual is concerned about how property division will affect his or her life going forward.

Financial concerns may cause one to hesitate in making the decision to divorce. One way to make sure that each party has a clear picture of the current situation is through a process called discovery. Through this process, each individual's attorney will ask for financial documents from the other party. Then, legal counsel will research and investigate to make sure that there are no assets that have not been accounted for. Although this process can be skipped, it is usually in the individual's best interest to proceed with it.

Once the individual has a clearer picture of how property division will occur, he or she can begin making decisions regarding finances post-divorce. For some, this may involve the need to go back to work or change from part-time to full-time employment. It will also give the individual a good idea of how much is available to meet monthly expenses and how much disposable income will be available.

Property division can be an important aspect of a Michigan divorce. How assets are divided and the financial implications of this division can have a drastic impact on each individual. Experienced legal counsel can help one understand the various implications of each decision and make decisions regarding what is best for the individual.

Source: wotv4women.com, "How to assess your finances post-divorce", Gail Saukas, March 15, 2017

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