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Divorce is painful, difficult, and sometimes it can be very expensive. Household income is reduced, debt is split, investments go up in smoke. You can, however, always find a bright side to your Michigan divorce and your finances are one place where this unexpected discovery may just happen.
When you share a bank account with one person, you must agree about how money is spent and saved. If you fought over money regularly in your marriage, that struggle disappears with divorce. Sure, there are things like spousal support and child support to consider, but only one party is responsible for those.
You have the chance to budget the way you want, splurge where you want, and save as much as you need. You control your money and no one else gets a vote. Talk about freedom.
Was your family living beyond its means? Were you stretched every month because of your mortgage and lifestyle? Were you overcompensating for a bad marriage by splurging on treats for the kids or yourself? Divorce makes people take stock of what they really want and need in life and prioritize accordingly. Unloading the big house and all the expenses that come with it and getting rid of the pricey SUV and replacing it with a lower car payment can save you money.
Divorce might force you to make difficult financial decisions, but it also gives you the opportunity to realize that living smaller may be just right for you after all.
When you reach a qualified domestic relations agreement as part of your Michigan divorce, you can take an early withdrawal of funds from a retirement account without paying a penalty. People under the age of 59.5 typically are charged a 10 percent penalty for accessing retirement funds early, but not divorcing couples. Income tax will still need to be paid if you don’t roll the money into an IRA and instead use it to, say, pay for your divorce or set yourself up with some fresh savings and needed cash flow.
Dealing with retirement money is a tricky part of divorce – how it’s split, whether you should split it, and what should happen to the money. Always consult with a financial planner with the help of your divorce attorney or on your own.
Anyone with children has considered how they will pay for college when the time comes. A big financial perk of divorce is how kindly the Free Application for Federal Student Aid (FAFSA) looks at divorced parents. Only the financial information from the custodial parent is required by FAFSA. While child support and alimony are counted as income, one parent is more likely to have a minimized income, which makes you more likely to get more financial aid for your child that wouldn’t have happened by reporting your income as a married couple.
Get the best help and most help for your Michigan divorce. At Femminineo Attorneys in Macomb, we understand the financial challenges you will encounter along the way and do all we can to ease your burden. Contact us today to schedule your free consultation and ask your questions about divorce and money and everything in between.
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.
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.
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.
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.
Once your case is concluded, we will be there to help you with any post-judgment problems that may arise.
Everyone’s financial situation is different and we work with our clients to formulate a fee arrangement that works within your means.
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.
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.
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.
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.
During traditional business hours, please call us at:
After hours and weekends, we are still available for you to speak to an attorney via our 24 Hour messaging center:
Listed on Divorcesource.com: a comprehensive state-by-state divorce informational network.
The information presented within this website is for general information purposes and is NOT and should not be considered as being “legal advice”. You should not act on any information presented herein without the verifying same with your attorney.