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Marital Business Interests in Divorce

How to Handle a Spouses’ Business during Divorce

Marital Business in Divorce - LakeshoreLawandMediation.com

“If my Wife/Husband owns a business, but it is only in his/her name, does that mean they “get” the business if we decide to divorce?”

 

A business that is developed or actively managed during a marriage is USUALLY considered a marital asset.

However, a lawyer must evaluate and assess the answer to the following questions and more:

  • Was there a valid pre-marital agreement that addresses the business interest?
  • Was there a valid post-nuptial agreement that addresses the business interest?
  • Does the business actually have value?

If the business is determined to be an asset of the marriage, then, certain financial information must be studied to determine the “value” of the asset.

Here is a brief list of information that a lawyer will need to determine the value of a business:

  1. Five years of Financial statements
  2. Recent Monthly or Quarterly statements as compared to the same period of the last year
  3. Board of director minutes for the past five years
  4. Profit and Loss statements for five years
  5. Income tax returns
  6. Personal Income tax returns
  7. Accounts receivable with aging schedules
  8. Depreciation schedules
  9. Shareholder agreements
  10. Expense reports
  11. Budgets
  12. Lease agreements
  13. Any appraisals

It may be necessary to hire a “valuation expert” to  determine the value of the marital portion of the business interest.

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Co-Parenting Tips

You are getting a divorce because you do NOT like your spouse. But you don’t want your kids to be caught in the middle of anything nasty. It’s just not good for them.

“He did WHAT?” your friend commiserates with you. “I never liked her.” Your friend looks you in the eye. Your child overhears. This is damaging to your child.

No matter how you feel about your ex, your child will always love both parents. Don’t make them choose sides because of your need to feel “right.”

So, how do you get past the anger, the hurt, the embarrassment, everything?

#1 Co-Parenting Tip from an Expert Divorce Attorney

Co-Parenting Tips from an Expert Family Law Attorney in Grand Haven Michigan - Lakeshore Law and Mediation CenterOne of the most important things you can do is to SET GROUND RULES FOR COMMUNICATION with your ex.

These could include things like:

-No Yelling (end the conversation calmly before it gets to that point);

-No Swearing;

-No name calling;

-If you are unable to talk face to face, talk by phone (never through your child);

-If you are unable to talk by phone, communicate via email;

-All communication is child focused;

-All communication is based in the present (old grudges are for the therapists couch);

-Conduct yourself with respect for your ex (you don’t have to like them,  just be respectful);

-Take a deep breath and stop your automatic response, STOP yourself from acting out;

 

Other Ways You Can be a Better Co-Parent

Set aside your own viewpoint and look through the eyes of the child. Remember….you love your child and want what is best for them.

Listen to your ex about what they think is best for your child. Even if you don’t agree, try to understand. If you need time to think about it take time to think, decisions do not have to be made immediately.

Don’t let your child overhear you talking poorly or making unfavorable gestures/expressions towards your ex.

Listen to your child about their feelings for the ex, however realize that children will play parents against each other as a way of getting what they want. Be very careful on how you to react to statements about your ex made by your child. You need to separate the “Wheat from the chaff.” This takes some degree of sophistication and practice.

Allow your children to express happiness and excitement about their time with the other parent. They do not want you to feel bad or lonely when they are away.

Do NOT allow your children to relay messages back and forth.

Have age appropriate conversations with your children about their feelings. Don’t let them become your sounding board or therapist. You are their parent, if you need help dealing with Divorce issues seek professional help, a trusted friend, or clergy.

When, you or your, ex re-marry help your child to make the transition to the new family by listening and encouraging them.

Let your child know that you will be okay.

Let your child know that you love them no matter what.

 

Click for a List of More Resources for Divorcing Parents

 

If you need help with Child Custody or Child Support Arrangements, call Lakeshore Law and Mediation Center today!

Our straightforward, fair approach will deliver results quickly and affordably.

Call 616.844.4091 or email us here. 

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Infidelity in Divorce

The Effects of Infidelity in Divorce Settlements in Michigan

Even though Michigan is a No-Fault Divorce State, infidelity in divorce can affect contested issues with property settlement, spousal support and child custody.

If this story sounds familiar, an expert divorce attorney can help sort out the divorce that could follow.

The effects of Infidelity in Divorce in Michigan“I didn’t think it would ever happen to me,” he says. Tearfully, opening up about the affair he NEVER thought could happen in his marriage. “It started out innocent enough. I don’t even know how it became a full blown affair. But it was all there, the excitement of secret lunches and confessions of love. With the guilt that goes along with it.

She sat there feeling empty, lonely, vulnerable, and suspicious. Something wasn’t right. “Why would he lie about where he was?” she asked. It wasn’t that she didn’t love her husband, she did. But this had to be the end.

 

Michigan is a “No-Fault” State for Divorce

Because Michigan is a “no fault” state for divorce, either spouse may file for divorce if they allege “there has been a breakdown in the marriage relationship to the extent that the objects of matrimony have been destroyed and there remains no reasonable likelihood that the marriage can be preserved.”

You do not have to prove “fault” in order to be granted a divorce in Michigan.

However, when it comes to Property Settlement, Spousal support and Child Custody, “fault” may be a contested issue. and infidelity in divorce can be considered fault if it can be proven.

 

Infidelity in divorce affects the negotiation phase of the process

Michigan Courts have ruled that if a party can prove fault of the other party in causing the breakdown of the marriage, the court may slightly skew the property settlement 55%-45% in favor of the non-offending party. However, just because an issue is contested, does not mean that it is a trump card that will sway a decision substantially in your favor or against your interests.

These decisions are VERY fact specific. Oftentimes, during negotiations, one parties guilt will cause them to surrender MORE than a court of law would actually order. Other times, because of the emotional charge caused by the infidelity, parties are unable to focus on the issues that must be either agreed upon or litigated.

 

If you have questions or concerns about proceeding with divorce, call Lakeshore Law and Mediation Center PLC for a free phone consultation at 616.844.4091.

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How to Name Your Child When You Are Not Married

There are many couples who choose not to marry one another when they are expecting the birth of a child. The reasons for that decision are as varied as the people who make that decision. Once the child is born there may be many legal questions about what will happen next.

What about the name of your child?

Did you know that there is a Michigan statute (Law) Public Health Code, Act  368 of 1978 (333.2824) that grants an unmarried mother (she must be unmarried at the time of conception or birth) of a child the right to name the child. The father’s name will not be placed on the certificate of birth without the written consent of the mother AND without the completion, and filing with the state registrar, of an acknowledgment of parentage by the mother and the individual to be named as the father.

If you have questions about the birth of your child or a child that you are expecting, knowing your rights and responsibilities is a good first step in becoming a responsible parent.

Have a legal question?  The professional staff of family law attorneys at the Lakeshore Law and Mediation Center would be happy to assist you.  Contact us today by phone at 616.844.4091 or by email using the contact form below.

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What are Separate Assets in a Divorce?

The issue of separate assets in a divorce is an area of Michigan Law that is constantly changing. Lawyers keep their eyes on recent opinions from the Court of Appeals and the Supreme Court on a daily basis.

“Separate Property”  is not considered as a part of the marital estate. The court must make a determination about what is separate property and what is “marital” property.  Separate  property will be awarded to the person who it belongs to except for limited statutory exceptions to the rule, namely, need or contribution (there are always exceptions to the rule). The consequences of finding an asset to be separate as opposed to marital can change the bottom line in a divorce settlement immensely.

So, exactly how is “separate property” defined???

Here is a list of questions to ask in making that determination: Read more

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Should I Pay Alimony?

Alimony or spousal support is a common issue in Michigan divorce law. It is important that you discuss your unique situation with an experienced family law attorney to analyze your alimony questions.

Michigan courts look at the following factors when it determines whether or not alimony/spousal support is appropriate in your case. Those factors are:

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How Does Joint Custody Work?

‘Dave’ and his estranged wife ‘Emily’ are in the early stages of planning a divorce.  As they contemplate the necessary steps, Dave recently reached out for an initial consultation with attorney Lori Zellers. Since Dave and Emily have a six-year-old daughter, Dave naturally had questions about custody and parenting time. One in particular was:

How Does Joint Custody Work?

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How do I file for Divorce in Michigan?

The heart wrenching decision to become divorced is never easy.  There are so many things to consider – property division, parenting decisions, custody arrangements, child support and much more.  And while all of these things are part of the overall process, the first question to get the ball rolling is the most basic:

How do I file for Divorce in Michigan?

If you’ve made the decision to divorce and you’re ready to file, here are a few guidelines to help you along the way: Read more