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Why Are High Asset Divorces So Difficult?
Many couples dread the prospect of divorce, especially high asset divorces. But what makes high net worth divorces supposedly so much worse than "normal" divorces? In truth, high asset divorces are somewhat of a murky category, and any divorce can get complicated even if the couple is not particularly rich. However, a divorce with significant assets may have extra considerations that can slow down negotiations.
At Elkouri Heath, PLC, our Michigan divorce attorneys are equipped to handle all kinds of divorces, regardless of income bracket. With the resources and knowledge at our disposal, we can help you negotiate for a favorable settlement or verdict.
Discovery
During your divorce, you and your spouse will have to take inventory of all of your assets. This process of tallying up your marital assets is known as discovery, and it can be quite intense in a high asset divorce. There are multiple methods an attorney can employ in discovery, such as:
Things to Think About Before Going Into Property Litigation
Some people turn to property litigation as a way to protect their assets and wealth in a divorce. While litigation can be used to secure your property, it is generally better as a last resort than a first measure. If you are considering property litigation, a Michigan divorce lawyer can inform you of your best options before you go to court.
At Elkouri Heath, PLC, we have over 20 years of experience handling divorce concerns on behalf of our clients, including property division. Our family law attorneys can advocate for your rights to property while looking for ways to minimize the financial burden on your end.
Can Your Property Division Issues Be Resolved Outside of Court?
In many cases, resolving a property or asset dispute outside of court will serve your long-term interests. Litigation can be incredibly expensive due to the cost of scheduling court appearances, evidence gathering, and legal fees. Mediation or another form of alternative dispute resolution can save you time and money in property division.
Outside Help in a Collaborative Divorce
Collaborative divorce allows couples to resolve their issues outside of court with a team of professionals. Compared to other forms of dispute resolution like mediation, this is a much more rigorous, involved process, allowing you to receive consultation for multiple issues. A collaborative divorce attorney in Michigan can help keep your divorce out of court and protect your best interest.
If you and your spouse want to avoid contentious litigation, you might be interested in a more amicable approach. At Elkouri Heath, PLC, we have the experience and training to support you through a collaborative divorce. When you work with our firm, you can rest assured that we will take your concerns seriously.
Divorce Coaches
If you choose to go the collaborative route, you will likely end up working with a divorce coach. The role of this coach is to mediate between you and your spouse, validating your emotions while also working towards a solution. Divorce coaches are trained mental health professionals who are intimately familiar with the heartache and stress a separation can come with.
When Can I Terminate Spousal Support in Michigan?
Spousal support, or alimony, is a court order to give a divorcing spouse financial assistance. If you are ordered to pay alimony to your spouse, you might start to feel burdened while dealing with other bills like rent, a mortgage, or utilities. You may see no other way out aside from waiting for the court order to end. A Michigan divorce attorney can help you explore other options.
At Elkouri Heath, PLC, we have more than 20 years of experience in family law. Our attorneys can provide you with professional guidance and advocate for your rights in a petition to modify or terminate alimony.
Remarriage or Cohabitation
Alimony can be terminated early if your ex marries a new partner. This is rooted in the idea that your ex does not need extra support from you if a new husband or wife is already bringing home additional income. Proving that your former spouse has remarried is a straightforward way to terminate spousal support.
How Is an Established Custodial Environment Created?
In Michigan, the courts treat child custody as a very delicate matter. A judge will always prioritize a child’s best interests, even if it does not align with a parent’s wishes. When deciding on parenting time, the judge may look to see if there is an established custodial environment in place. This can play a significant role in the final custody ruling, and it may remain in effect for years.
This begs the question – what exactly is an established custodial environment? Essentially, it refers to a child’s consistent home life prior to a divorce, which the courts will attempt to preserve. At Elkouri Heath, PLC, our Michigan family law attorneys can advocate for a favorable custody agreement on your behalf.
An Established Custodial Environment Covers Necessities
Food, shelter, clothing – an established custodial environment will cover all of these needs and more. During a separation, you and your spouse may both have parenting time with your child, but the courts might favor the household with regular meals, a full wardrobe, and other necessities.
Why Timing Matters in a Divorce
How long you have been married can play a large role in how a divorce plays out. If you are considering getting a divorce, you should be aware of what the law says about how the length of your marriage may influence your final settlement or ruling. A Michigan family law attorney can inform you of your rights and advocate for a solution with your best interests in mind.
At Elkouri Heath, PLC, we have over two decades of experience handling complicated divorces on behalf of our clients. Whether your marriage lasted two years or twenty, we can let you know what to expect and will represent you in and outside of court.
Alimony
In Michigan, an award of alimony will usually be proportionate to how long the marriage lasted. That being said, the length of the marriage is not the only factor a judge will consider. The earning potential of both spouses, contributions to the marriage, and responsibility for the collapse of the marriage can all influence an alimony ruling.
Understanding Your Rights As a Parent in a Divorce
Divorces are full of unknowns, especially as it pertains to parenting. If you and your spouse are divorcing with children, you will have to figure out a new parenting arrangement in your child’s best interests. A Michigan family law attorney can keep you informed of your rights and advocate for a favorable resolution on your behalf.
At Elkouri Heath, PLC, we have served clients in complex issues of family law for over 20 years. Our attorneys are here to provide you with compassionate assistance, whether you expect to take your divorce to court or an alternative form of dispute resolution. We know how much your relationship with your child matters, and we will do everything we can to protect it for the future.
Parenting Time
Unless proven otherwise, both spouses in a divorce are assumed to be fit parents. This means that you cannot be unjustly denied parenting time, also known as visitation, with your child unless it would jeopardize the child’s well-being. When splitting up parenting time between spouses, the courts will not show special preference to the mother or the father.
The Major Factors in an Alimony Award
Alimony, also known as spousal support, may be awarded by a judge after a divorce. It is intended to keep a spouse financially stable after the end of the marriage, and it may be either a short-term or long-term arrangement. However, alimony is not awarded in every divorce. A judge will consider multiple factors before making a final decision, evaluating each divorce on a case-by-case basis.
If you are unsure about whether you will pay or receive alimony, a Michigan divorce attorney can advise you about what to expect and advocate for a favorable outcome. At Elkouri Heath, PLC, our attorneys have over 20 years of experience, and we are ready to negotiate for a favorable outcome on your behalf.
Length of the Marriage
The length of your marriage typically plays a major role in an alimony decision. While there is no specific amount of time that will automatically qualify for alimony, longer marriages will be given greater consideration for an award of support. Short marriages lasting only one to three years are far less likely to be considered for alimony.
My Spouse is Withholding Parenting Time. What Can I Do?
After a divorce, it can be tricky to figure out a proper schedule for parenting time. It may take some time before you, your co-parent, and your child can adjust to the new schedule. Sometimes accidents happen, and your co-parent may not be able to honor your parenting schedule.
If these slip-ups are only occasional, you might give your co-parent the benefit of the doubt. But if it becomes a recurring pattern, you might begin to suspect that your spouse is intentionally stepping on your parenting time. This is a delicate issue, and it is important to keep your child away from the crossfire of a legal dispute. A Michigan family law attorney at Elkouri Heath, PLC can help you take action against your co-parent for any violation of a custody agreement.
Stay Calm
Once you have reason to believe that your spouse is sabotaging your parenting time, you might be shocked, even outraged. Although it is easier said than done, you should try to remain calm. A measured response will get you much further than an angry outburst.
How to Keep Your Separate Property Separate in a Divorce
Property disputes are one of the most contentious parts of a divorce. After years of living together, a couple may struggle to determine what counts as marital property and what does not. Even if you do not plan to get a divorce, taking steps to establish your separate property can save you time and money. A Michigan family law attorney can help secure your assets.
At Elkouri Heath, PLC, we can advise you of your best options to avoid commingling your property and protect your separate assets. Our legal professionals are here to keep things simple, offering sensible guidance for any family issue.
Use Binding Documents
A prenuptial or postnuptial agreement is a legal document that can give you separate property rights. The only difference between a prenuptial and postnuptial agreement is whether the document is signed before or during your marriage.
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