Michigan Lawyer Blog
Ten ways in which a divorce could affect your credit score:
1.) Having to refinance your home
2.) The splitting of the debt was uneven
Divorce over 50
While the overall divorce rate is decreasing, the divorce rate for people over the age of 50 has increased from 1 in 10 to 1 in 4.
MarketWatch created a checklist to help mitigate the financial risk associated with divorce over age 50. Below is a list of items to consider, prior to filing for divorce:
1.) The family home. Should either party keep the home, can one person alone take care of the costs and potential repairs?
7 common reasons people get divorce
Researches have come up with 7 common reasons couples end their marriage.
1.) Infidelity
2.) Substance abuse
2018 Estate and Gift Tax Limits
For 2018, the estate tax exemption has increased to $5.6 million per individual, increased from $5.49 million in 2017. Thus, a married couple will be able to shield $11.2 million from federal estate and gift taxes.
The annual gift tax exclusion has finally increased to $15,000, after remaining at $14,000 since 2013.
For more information about the estate and gift tax limits, contact SMDA, P.C. at (586) 264-3756.
Grounds for Annulment
The grounds for annulment in Michigan are as follows:
1.) Prior spouse of a party: a marriage is void if it is performed while one of the parties is currently married to someone else.
2.) Relationships of consanguinity and affinity: marriages between parties related within certain degrees of consanguinity or affinity are prohibited (i.e. mother and son, brother and sister, etc.)
3.) Lack of consent: marriage is a civil contract between and man and a woman only. Like any contract, consent to the contract is essential.
4.) Nonage: A person must be at least 18 years old to be legally capable of entering into a marriage. A 16-year-old can be married with the written consent of his/her parents.
5.) Mental Incompetence: a marriage is void, if a party was not capable of contracting at the time of the solemnization.
6.) Fraud and Duress: a party must consent freely. If the party was threatened, or forced to enter into a marriage, the marriage is void.
7.) Sterility or Impotency: a marriage in which one of the parties has a physical incapacity to have children is valid until the wronged party seeks a judicial decree to annul it (not to exceed two years from the date of the marriage).
8.) Other grounds in which the court deems just.
If you are considering an annulment, contact the family law attorneys at Serafini, Michalowski, Derkacz & Associates, to discuss whether or not you should seek an annulment or divorce.
Child Support Modification – Deviation
In Rolley v. Rolley, an Indiana Court was faced with the issue of child support modification, when the parties had deviated from the child support guidelines. When Father and Mother divorced, they reached an agreement regarding child support that substantially deviated from what would be ordered by applying the Indiana Child Support Guidelines. Later, Mother petitioned to modify Father’s child support obligation. The trial court granted the motion and modified Father’s support requirements. Father appealed, arguing that agreed child support terms cannot be modified absent a substantial and continuing change in circumstances that renders those terms unreasonable. The Court of Appeals affirmed. The Supreme Court granted transfer, adopted the portion of the Court of Appeals’ opinion that addresses the available grounds for modification, and summarily affirmed the portion of the Court of Appeals’ opinion addressing the trial court’s calculation of Father’s support obligation. Thus, the Court determined that the standard for modification was not only a substantial and continuing change, but also the timing and amount of the deviation.
Related Posts: Child Support FAQ’s, When can you receive child support for a child over 18?, Unpaid child support? We can help, What Expenses Does Child Support Include?
Child Support FAQ’s
Child support is based upon a formula that takes into consideration the incomes of both parties, the amount of overnights the payor has with the child, health care costs, child care costs, and tax exemptions.
Child support is generally paid through the Friend of the Court, which will keep track of, and enforce, child support obligations.
For more information on child support, contact the attorneys at SMDA, P.C.
Holiday Parenting Time
It is important to comply with your parenting time order at all times. Please keep in mind that holiday parenting time differs from your regularly scheduled parenting time. Holiday parenting time will “trump” your regular parenting time schedule.
If the other parent is refusing to allow you to see your child, you have several options to enforce your parenting time order:
1.) Many police departments will tell you to deal with the situation though the court; however, some police officers will escort you to the other parent’s house, and ensure that the child is with the correct parent, pursuant to your court order, or 2.) You can file an emergency ex-parte order to show cause. A show cause hearing will require the non-cooperating parent to explain to the court why they should not be held in contempt of court, for failing to comply with the court order.
If you are having issues with holiday parenting time, or parenting time in general, please contact Serafini, Michalowski, Derkacz, & Associates, P.C. at (586) 264-3756.
Divorce Statistics
Highest/Lowest Divorce Rate by State:
The State with the highest divorce rate is Nevada, with 14.7% of marriages ending in divorce.
New Jersey, on the other hand, has the lowest divorce rate, at only 9.1%.
Top Reasons to Marry:
1.) Love,
2.) Making a lifelong commitment,
3.) Companionship,
4.) Having children, and
5.) Financial stability
Top Reasons to Divorce:
1.) Lack of commitment,
2.) Too much arguing,
3.) Infidelity,
4.) Marrying too young, and 5.) Unrealistic expectations
Average length of first marriage before divorce: eight (8) years.
Average time between divorce and remarriage: 3.8 years.
Average length of second marriage before divorce: 8.5 years.
Women in Divorce:
About one in five women fall into poverty after divorce.
Three out of four divorced mothers don’t receive full payment of child support.
About one in three women who own a home and have children when they divorce lose their homes.
Getting divorced? Don’t forget to change your estate plan.
If you are in the process of obtaining a divorce, you are probably focused on getting on with your life. However, you also need to spend some time thinking about the important documents governing your death.
It is important to update all of your estate planning documents during or after your divorce. These documents include: your trust, will, and powers of attorney.
Most estate plans list an individual’s spouse in decision-making positions (trustee/personal representative/power of attorney), but also as the individual receiving most, if not all, of the assets. Upon the finalization of a divorce, you want to ensure that your ex-spouse is not making any decisions on your behalf, or receiving any of your valued assets. If left unchanged, you risk your children (or other individuals that you wish to receive your assets), having to fight it out with your ex-spouse in court.