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MICHIGAN DIVORCE LAWYER

The Divorce Attorney Journal

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Divorce Attorney Journal

1 weekago
You and your spouse have decided to get a divorce. One of you has agreed to move out of your marital home, but who gets the kids and when? Who pays what bills? Who gets the second car? These matters will all be finalized when...
3 weeksago
No matter how long you’ve been divorced, back-to-school time gets a little complicated. Now COVID-19 has made the transition from summertime to school days even more stressful. Parents are looking at an abnormal school year ahead. These combined complications make it a challenge for divorced...
September 25, 2015
5 yearsago

Retirement after divorceDivorce can have your worry focused on the present and immediate future, but what about five years from now? Ten? Thirty? What will your finances look like when it’s time for your kids to go to college, get married, or – most especially – when it’s time for you to retire? Will you even be able to retire the way you always dreamed you would? 

Gary Plessl and Kevin Houser, certified financial planners and authors of The Book on Retirement: Are You Ready for The Second Half of Your Financial Life?, 10 ways you can plan for retirement after divorce and ease the financial impact of divorce on the rest of your life:

1. Establish a solid non-IRA cash fund.

Make sure you can weather a six- to 12-month storm such as an illness or job transition. Unfortunately, life has a funny way of throwing unexpected events at us at the wrong times, so be ready by having cash outside of retirement funds that you can access without penalty.

2. Change primary and contingent beneficiary information.

Make this switch on all retirement accounts, insurance policies, and all pension information so that they no longer include your ex, even if you’re still receiving spousal support.

4 ways to get organized before you divorce >>

3. Change your estate planning documents.

Focus especially on any clauses that might relate to, “If I die, then this happens….” If you get divorced but forget to make these important changes, your ex will still be able to make these important decisions if you’re not able to.

4. Review POA documents.

Make sure that all Power of Attorney (POA) privileges for your former spouse are revoked at all financial institutions.

Your divorce affects your child’s chances of receiving financial aid for college >>

5. Play catch-up, in a good way.

If you’re over age 50 at the end of the year, utilize the catch-up provision for 401(k) and IRA accounts. In 2015, for example, catch-up provisions on 401(k) accounts are capped at $6,000 and for IRAs it is $1,000.

6. Budget.

The best way to prepare a budget for retirement is to establish a hierarchy of what’s important to you and allocate your dollars that way. Maybe you want more time to travel, money for your grandkids’ college education, or an extra cash reserve. Whatever it is, budget for and save specifically for these items.

7. Make trustee changes.

When it comes to a trust, remember that it is the trustees who must make the decisions about what happens to the property, not the settlors or beneficiaries. Carefully consider your future successor appointment and future trustee appointments.

8. Review Social security provisions.

You will be able to claim the greater of either your personal benefits or half of your former spouse’s when it comes time to collect Social Security, but you aren’t allowed to claim both. And if you remarry, you can no longer claim your former spouse’s Social Security.

The tax implications of your Michigan divorce >>

9. Establish your own credit.

When you’re divorced, the last thing you want to do is keep joint financial accounts. Open your own bank accounts, get your own credit card, and work on improving your individual credit.

10. Hire a financial advisor.

You would be wise to seek out a financial advisor at the same time you hire a divorce attorney – don’t wait until after the divorce. Allow your financial and legal experts to work together to devise a fair settlement for both parties.

The financial element of divorce can be confusing and overwhelming, especially when you’re trying to deal with spousal support, child support, and the division of assets. Seek out the wisdom of an experienced Michigan divorce attorney. Contact Femminineo Attorneys in Mt. Clemens, MI, to schedule your no-cost initial interview today.

What makes us the right divorce attorneys for you?

Family Law Expertise

Most lawyers are in a general practice and do some of everything. One of our main focuses is on Family law and being expert at divorce, custody and support matters.

Strong Relationships

We are in court daily, working with the family court judges, their staff and clerks, the Friend of the Court office, the Bar Association and other attorneys working in this area. We pride ourselves on fighting hard for our clients while working well with everyone.

Experience

Our extensive experience and strong relationship with the courts and our peers leads many judges and attorneys to hire us to act as Mediators in other Family Law cases. Make no mistake; having a strong working relationship with the court can have a massive impact on your case. Unlike most attorneys, we have no fear of the court room and are in trial regularly against the best in the business. We see the judges every week and maintain strong ties with their staff.

We Care

Although every attorney can “handle” your case, Femminineo Attorneys cares about you and your family. We work extremely hard to keep this difficult process civil and to shelter your children from as much of the negative facets as possible.

Commitment

Once your case is concluded, we will be there to help you with any post-judgment problems that may arise.

Flexibility

Everyone’s financial situation is different and we work with our clients to formulate a fee arrangement that works within your means.

Effectiveness

We have handled every possible situation involving domestic law. We will do everything possible to wrap up your case in a timely manner, avoiding delays that cause unnecessary legal fees.

Tenacity

When your case cannot be easily solved, we will fight hard and use all of our resources to win. Unlike most attorneys, we have no fear of the court room and we regularly win cases against the best in the business at trial.

Expert Staff

Unlike many attorneys who have a part-time typist and work 30 hours a week, we have an expert staff available all day long to assist you and provide immediate service. We are available to our clients 24 hours a day through our hot line at 586-854-3654.

Personal Service

At Femminineo Attorneys, your case will be handled by an experienced family law attorney. Each of our attorneys in our family law division has many years of experience in handling family law matters.

We encourage you to see these differences for yourself and call today to speak with one of our partners or schedule a free consultation at our office.

During traditional business hours, please call us at: (586) 954-9500

Michigan Divorce Attorney

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