Jay A. Schwartz is an attorney/owner of Schwartz Law Firm in Michigan serving the Detroit area. Jay Schwartz is a member of the Michigan State Bar Association.

High asset divorces often involve a great deal of stress because there is both a lot to gain and a lot to lose.

It is often the case that high asset divorcing spouses employ tactics and lucrative strategies to gain the upper hand in the division of assets. It is therefore important that you are not naïve and that you take early action to begin planning your approach.

Jay A. Schwartz Attorney shares advice on High asset divorces
Jay A. Schwartz Attorney shares advice on High asset divorces

The following is an overview of ways that it’s possible to get an upper hand when you are going through a high asset divorce.

Understand how the law applies to you

How the law will apply to you will depend on which state you are filing for divorce in. In Michigan, community property law is not recognized, meaning that marital property is divided in a way that is deemed to be fair and equal according to the courts. Therefore, a key priority for you should be convincing the courts on why you deserve to gain a significant portion of the marital assets. …

Going through a divorce in Michigan is stressful enough, and something most people want to avoid. However, the dissolution of a marriage is often the best route for some people. However, things can become very complicated once a business becomes involved. Understandably, the original business owner is going to become worried about the state of his or her company during and after the divorce.

The 50/50 split
There are a handful of states in the union that require that all marital property is split 50/50. Marital property includes all assets obtained during the marriage, including a business. This means that the court will likely mandate that you split everything down the middle with your spouse during a divorce. …

Jay A. Schwartz, Attorney and Owner of the Schwartz Law Firm serving Michigan and greater Detroit area.
Jay A. Schwartz, Attorney and Owner of the Schwartz Law Firm serving Michigan and greater Detroit area.

Co-parenting takes constant work and communication. Therefore, you need to always be looking at ways that you can improve your relationship with the other parent, and how you communicate on a daily or weekly basis.

While you may now be at the point where you can effortlessly go through the routine of sharing custody without any issues, you may need to place your focus on future events and how you want to approach the topic with the other parent. …

Dividing property during a divorce can be a difficult process, especially in such a depressed housing market. Traditionally, divorcing parties might sell the family home and split the proceeds. Now they often own property that is “underwater” (where the value of the property is less than what is owed on the mortgage). In addition to the emotional upheaval of leaving the family home, couples must also deal with limited options in creating a fair property settlement.

Nearly 40 percent of couples postpone divorce proceedings because of a real estate albatross. …

On behalf of Schwartz Law Firm PC on Tuesday, August 25, 2020.

Couples who share a family business will often work together to grow the company. This is often a viable system until the marriage dissolves and they have to determine what to do with the business. As part of the property division process, they will decide what happens to the company.

One of the first tasks is to determine whether it is covered by a prenuptial agreement. If it is, the terms of the agreement will be followed. …

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