Filing for a divorce is a huge decision, but even if you’re not sure that you are going to go through with it, there are some things that you should do to protect yourself financially. If you’re considering a divorce in Michigan, either you or your spouse must have lived in the state for a period of six months. If you haven’t, you might want to use this time to prepare financially.
Property Division in the State of Michigan
In the state of Michigan, the property will either be categorized as marital property or separate property. Determining the division of property is an extremely complicated matter. You should contact a Michigan divorce attorney to guide you through the process. If you choose to attempt this without proper legal guidance, you may make errors that work against you.
Preparing for a Divorce
Consider a situation where you agree to your divorce, and you or your spouse decides to move out. What happens with your joint bank accounts? Your credit cards? Can your spouse still make decisions for how your money is spent? How would you know?
If you’re a woman who’s considering divorce, you should take some time to inventory your property, investments, debt, and other accounts. You have a legal right to this property, but once the divorce is announced, it may only take the change of a few passwords for you to lose access to your accounts until your divorce lawyer can compel your spouse to open them back up. Here are a few tips to make sure that your spouse doesn’t commute assets or run up your mutual debt:
- Take a Snapshot of your Financial Portfolio
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