5 Financial Surprises a Woman Might Face in a Michigan Divorce

 Posted on January 14,2020 in Divorce

The playing field of divorce may have leveled out over the past several years, but some women are still at a financial disadvantage when their marriage ends. In particular, women who left the workforce or sacrificed their education to raise a family or promote their spouse’s career may face some financial surprises with devastating consequences when they embark on a divorce. It is essential to learn the Michigan divorce laws to be prepared for this next chapter of your life.  

1. Needing to Return to the Workforce

If you stepped back from your career to raise a family or further your spouse’s career, entered into retirement, or suffer a disability that limits your ability to work, you may be eligible for spousal support (alimony). Awards do not last forever, however, so it is recommended that you plan for re-entry into the workforce sooner rather than later. If you cannot work, strive to find a viable alternative, such as Disability or your spouse’s Social Security. 

2. Overestimating the Amount of Your Settlement

It is easy to overestimate the amount of your settlement, especially if you are a disadvantaged spouse. For example, you may think you are entitled to more child support or spousal maintenance payments than you actually receive. Sadly, miscalculations such as this can endanger your financial future by making you less apt to prepare for the possibility of money issues.

3. Not Knowing the Household Debts and Expenses

It is not just assets that get divided in a divorce; debts are allocated as well. If you are not aware of the debts and expenses, you are unprepared to handle them. In turn, your financial well-being is placed at risk. Avoid this pitfall in your divorce by ensuring you gather all pertinent documents related to your household income and expenses and then supply them to your lawyer. They can help you devise a plan to mitigate any debt issues before they become a serious problem.

4. Assuming You Will Get to Keep the Family Home

The family home is usually one of the most valuable assets in the marital estate. As such, it may need to be sold to ensure a fair settlement for both parties. Alternatively, the house could be awarded to your spouse -- especially if you are incapable of managing the associated expenses by yourself. Your divorce lawyer can help determine whether this may be an issue in your case.

5. The Cost of Health Insurance

If you have received health coverage through your spouse or his or her employer, you will need to find coverage of your own. You may be temporarily eligible for COBRA coverage, but this option will eventually expire. Start shopping for healthcare plans as soon as you file to avoid any surprises. 

Contact a Farmington Hills Spousal Support Attorney

If you are planning on filing for divorce, it is important to have legal representation so your rights to marital property are protected. The accomplished legal team at Elkouri Heath, PLC can assist you throughout the proceedings. Our skilled Oakland County divorce lawyers will protect your interests, right from the start. Schedule your personalized and free consultation by calling us today at 248-344-9700.

Source:

https://www.forbes.com/sites/nextavenue/2018/07/15/the-6-nasty-financial-surprises-for-divorcing-women/#5cd660fd524b