Keeping the Big Picture in Mind with a Family Law Attorney
Family law attorneys can assist clients in keeping a long-term perspective during a divorce settlement.
Divorce is a complicated experience, and it is helpful and important to have professional guidance during the process. A family law attorney and a financial advisor can help protect you and your children and ensure that you do not compromise your financial future by settling for less than you are entitled to during the divorce settlement.
As you begin looking at the details of a divorce settlement, it is important to keep a few major concepts in mind. Here is a list of three important “big picture” ideas to consider:
- Understand your long-term financial needs. While it is easy to get distracted by the little details during a divorce, it is important to keep a comprehensive perspective. This especially applies to financial planning. You need to evaluate your current financial situation by analyzing your exact income and expenses and then planning for future expenses. While you may need a certain amount of money to live now, you will want to consider what living expenses will be like in the future – will you have increasing tuition or childcare fees for children? Have you accounted for inflation? Do you plan to move to a location with a higher cost of living? What additional expenses do you anticipate for yourself or your children in three, five, even ten years? It may seem like you are trying to just keep your finances together to get through the next year, but it is imperative that you keep an eye on the long-term and address those needs during the settlement.
- Understand what debts you will continue to be held accountable for once the divorce is final. Most couples are required to split the liability for unsecured debt. No matter who accrued the debt, you will both be legally responsible for it. No matter what your settlement details outline, credit card companies can still come after one or both of you if your ex fails to pay.
- Understand the full implications of fair division of property. When it comes to splitting up your assets, there is more to it than dividing everything equally. Some assets may continue to bring income (such as rental properties, appreciating real estate, etc) while others may not. It is important to consider the long-term value of each asset and take that into account when dividing your estate. It is also important to understand the tax implications of each asset division. Similarly, it is important to understand investment returns related to assets. It is important to have a professional lawyer or financial planner review investment portfolios to help you understand which accounts and properties are of high value and which ones may leave you with less than you expect after several years.
A professional family law attorney can provide the guidance and experience you need to navigate the divorce process. The decisions you make during this time will have a lasting impact on your future so it is important to be well-informed and proactive.
Michigan Legal Solutions
Our experienced attorneys are committed to providing our clients with the guidance and support that they need to resolve their legal issues. With over five decades of serving clients in Southeastern Michigan, the attorneys of Michigan Legal Solutions have the experience and resources to resolve your legal issues. With a broad range of expertise including, but not limited to: family law, probate, bankruptcy, and estate planning. In all divorce and family law matters, preparation is key. Our expert family law attorneys are seasoned professionals that will help you successfully navigate this time in your life.
Michigan Legal Solutions
28345 Beck Road, Suite 401
Wixom, MI 48393
Phone: (248) 869-0030
Fax: (248) 869-0039