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More to property division than just agreeing on who gets what

Saving money is a good idea in many instances. Many Michigan couples use coupons, try to cut expenses and look for the best deals on their purchases. However, when it comes to divorce, saving money by attempting to do it themselves may actually cost them more in the end. Although they may agree on property division details, there can be specifics that are not considered but still end up proving costly.

As a part of the property division process, couples will need to review both their assets and their liabilities. Then a decision as to which party will receive which assets is made. Finally, decisions regarding which party will be responsible for which debt will need to be made. How these assets and liabilities are divided can have a tremendous impact on each individual.

In some cases, the couple may have a considerable amount of debt. In order to alleviate this problem, one or both individuals may decide to withdraw funds from a 401K account. While this early withdrawal may reduce the debt problem, depending upon how it is handled, it is possible that only one of the individuals will suffer the tax consequences of such action.

Throughout the divorce process, many decisions will need to be made. For the Michigan couple who is attempting to save money, the do-it-yourself approach may be appealing. However, many later find that the experience and guidance provided by legal counsel actually saves them more in the end. There are many aspects in the property division and other parts of the divorce process that can be more complicated than they initially appear.

Source: Forbes, "IRA Withdrawal Penalty A Cost Of Do-It-Yourself Divorce", Peter J Reilly, June 30, 2017

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