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Q: I am in the middle of a divorce. My wife is a partner in a small engineering firm, and I am an elementary school teacher. She earns about twice what I do. I know that her interest in the engineering firm is worth something, as the firm owns an office building and lots of equipment. How can I determine what the business is worth for purposes of property settlement?
March 19th, 2018
A: You are correct that most businesses have a value for purposes of property settlement. It can be difficult to place a value on a personal service businesses such as an engi…
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Q: My wife and I have been married for 10 years and have accumulated an embarrassing amount of credit card debt. Between the two of us, we earn around $90,000. Our credit card debt is over $50,000. Most of this is in my name, although my wife is the one who has done most of my spending. Can the judgment of divorce require her to pay some of this?
September 18th, 2017
A: The most important thing to remember about credit card debt in the context of divorce is that, no matter what the judgment of divorce says, the person who is contractually…
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Q: I am in the middle of trying to negotiate a divorce settlement. I have been told that we must follow the Michigan support formula, but my wife and I agree that, under the circumstances, it is not necessary for me to pay as much support as the formula provides. We both make a very good living, and I have expended substantial funds for the children's travel athletics and other extracurricular activities. Can we deviate from the child support formula?
June 19th, 2017
A: Unless either of you is receiving public assistance such as food stamps or Medicaid, it is permissible to deviate from the child support formula for a number of reasons. Th…
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Q: Will I have to pay alimony?
February 18th, 2016
A: Alimony, or spousal support as it is now called, is still alive and well in Michigan. Depending on the length of the marriage, the disparity in earning power between you an…
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Tags: alimony
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