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Dividing debt during a divorce can be as challenging as separating assets, and it requires a clear understanding of state laws, the nature of the debt and each spouse’s financial situation.
The Uniform Marriage and Divorce Act §307 (UMDA §307) [3] also allows for the equitable distribution of property and lists factors the court should consider, e.g. "the duration of the marriage, and prior marriage of either party, antenuptial agreement of the parties [which is the same as a prenuptial agreement or premarital agreement], the ...
The community property concept originated in civil law jurisdictions but is now also found in some common law jurisdictions. U.S. states with community property laws draw primarily from the marital property laws under the civil law of France and Spain. [10] Division of community property may take place by item by splitting all items or by values.
A divorce settlement entails which spouse gets what property and what responsibilities once the marriage is over. "It deals with child custody and visitation, child support, alimony, health and life insurance, real estate, cars, household items, bank accounts, debts, investments, retirement plans and pensions, college tuition for children, and other items of value, such as frequent flyer miles ...
6. Failing to negotiate over retirement accounts. Retirement accounts, such as a 401(k) or a pension, can be major assets in a marriage and should be considered in the settlement negotiations ...
Continue reading → The post Michigan Divorce Laws appeared first on SmartAsset Blog. A marriage can end in divorce, but it doesn’t mean your finances have to take a hit. If you know the law ...
An unannotated edition of the MCL is published by the state of Michigan in print and online. [8] Unofficial, annotated versions are published by both West and LexisNexis. The West publication is Michigan Compiled Laws Annotated (MCLA); the LexisNexis version is the Michigan Compiled Laws Service (MCLS).
By conducting an analysis of all accounts, investments and properties, a divorce financial advisor can help you avoid costly mistakes when dividing assets. Post-divorce, an advisor can help you ...
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