Category: Finances
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Does Divorce Court Divide Only Assets, or Debts as Well?
When you hear about your friend or co- worker’s divorce, chances are they talk about how much child support is being paid, or what they got to keep versus what their ex hung onto. Why? Because things like alimony and child support payments, custody agreements and how assets are divided are common divorce talk.…
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What Do I Do If My Ex Won’t Pay Their Court Ordered Debt?
We just talked about the fact that the Michigan Family court divided both assets and debts when a couple gets divorced. Which brings us to the issue of debt, and what happens after the court has assigned a marital debt to one of the spouses during the divorce. What happens if an important debt…
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It’s Tax Time: Pointers For Divorced and Separated Folks in Michigan
If you’ve read the news lately, then you know that tax law is changing! On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act, which makes some pretty major changes to tax law here in the U.S., specifically as it relates to alimony and how it’s taxed. Not sure what…
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Tips For Michigan Parents: Saving Money on Your Taxes (Pt. 2)
Welcome back! We know taxes aren’t the most exciting subject, but we also know that most people could stand to save a few bucks. So we put his list together for you with pointers on how to save money this tax season. In the previous segment, we talked briefly about four ways parents could…
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Tips For Michigan Parents: Saving Money on Your Taxes (Pt. 1)
It’s that time of year again! Yes, you guessed it: Tax Season. Taxes are viewed as a source of stress and added work for many families. However, they often mean that there’s a chunk of change headed your way, which is never a bad thing! If you’re a parent, you need that extra money…
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Is There a Financial Upside To Getting Divorced?
Pick ten articles on the financial ramifications of divorce, and 9 of them will probably predict a future of money troubles, penny pinching and budget cutbacks. Why? Because divorce is financially hard on many people. You go from two incomes to one. You suddenly have less earning power, and twice as many things…
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Does Getting a Divorce Mean You Have To Lose Your Home? Pt. 2
Welcome back and thanks for joining us again. In our previous post we talked about the difficulty of assigning a value to your home, and who to talk to in order to have your home evaluated. But now that you’ve had it done, you’ve got a number and you know the value of your house,…
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Did You Know? The Truth About Spousal Support in Michigan (Pt 2)
Welcome back and thanks for joining us. We’ve been discussing spousal support (also known as alimony) in Michigan, and trying to give our readers a rough overview of everything this subject involves. It’s a complex subject, so we’re just aiming to In the previous segment, we talked about what exactly spousal support is,…
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Did You Know? The Truth About Spousal Support in Michigan (Pt 1)
What is spousal support? Spousal support is one of those terms that carries with it vague negative associations. Perhaps because it was traditionally granted to women after a divorce, as they weren’t able to support themselves financially. As such, it now has the tarnish of being “gender-biased”. Perhaps it’s simply because very…
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It’s Hard, But You CAN Survive on One Income After Divorce! (Pt. 2)
Thanks for joining us again for this discussion about how to live on one income after a divorce. In our previous article we broke down our first three items on the list, namely creating a budget, eliminating unnecessary expenses, and going back to school. However, there’s more you could do to make ends meet…