By David R. Dawson | Published November 15, 2021 | Posted in Divorce | Tagged Tags: commingling, divorce, inheritance, marital property, transmutation | Comments Off on What Happens to Your Inheritance When You Divorce?
What Happens to Your Inheritance When You Divorce?
During the course of your marriage, you may have suffered the loss of a parent or other family member and received an inheritance. Under Michigan law, an inheritance is normally considered the individual property of the spouse whose relative died. This is an exception to the general rule that any asset acquired by either spouse Read More
Read MoreDiscovering Assets Your Spouse May Have Hidden Before the Divorce
Each party to a divorce is under a legal obligation to disclose all assets that they own, since any property acquired during the marriage is considered marital in nature and subject to equitable distribution. However, some spouses attempt to get a better financial settlement by attempting to hide assets prior to the divorce proceeding. If Read More
Read MoreMeeting the Challenges of a High-Net-Worth Divorce
Divorce can be difficult in any circumstances and even more so where a couple has considerable wealth. A high-net-worth divorce — one in which assets of more than $1 million are at stake — presents complex issues relating to property division and spousal support. If you are in this situation, an attorney who is experienced Read More
Read MoreHow Relocation Can Affect Child Custody
Workable joint child custody plans depend on the parents living close to each other, or close enough that traveling between them to fulfill parenting time is not problematic. But changing circumstances may lead a parent to seek a relocation, whether to take a better job, to pursue an education or to be closer to family. Read More
Read MoreWhat is the Income Shares Model for Child Support?
Child support after divorce was once calculated simply as a percentage of the paying parent’s income. However, this method failed to take into account the resources of the other parent that could be applied for the children’s benefit. As a result, most states, including Michigan, now follow the “income shares” model, which recognizes that both Read More
Read MoreDividing Business Interests in a Divorce
One of the most contentious issues in a divorce can be the division of marital assets — those deemed to be jointly owned by the spouses. If either spouse owns a share of a business, that share may be considered a marital asset that is subject to division. However, determining the identity and worth of Read More
Read MoreCan a Nonbiological Parent Can Seek Child Custody in Michigan?
The definition of family has evolved in the U.S. and with that change has come the legal recognition of parental rights arising from nontraditional relationships. In Michigan, a legal framework called the equitable parent doctrine allows a spouse who is not a biological parent of his or her spouse’s child, but who has raised and Read More
Read MoreShould You Consider a Postnuptial Agreement?
A postnuptial agreement is essentially the same as a prenup except that it is created after you are married. It is a legal contract setting out how your assets and debts will be allocated if you should end up getting divorced. However, postnuptial agreements until recently were not enforceable in Michigan, as judges tended to Read More
Read MoreGetting Your Finances in Order Before Filing for Divorce
Much of the stress associated with divorce concerns money. From property division to child support to spousal support (alimony), there are many financial issues to resolve. Proactively organizing your financial records ahead of your Michigan divorce can ease some of the pain of divorce. The process of gathering financial information may itself feel overwhelming, but Read More
Read MoreFactors to Be Considered in Awarding Spousal Support in Michigan
Under Michigan law, courts decide whether to award spousal support and how much to award based on a number of factors. The primary goal behind spousal support — also known as alimony — is to equalize the lifestyles of the parties, making sure that one spouse doesn’t experience a significant diminishment in their quality of Read More
Read More
