Lansing Family Law Blog

A recent article on Fox Business highlighted an important question that people sometimes run into in divorce, namely, who is responsible for a joint home mortgage once the divorce is finalized?

While parties may have a divorce settlement or decree to divvy up liability a certain way, such agreements don't give the full picture of who is legally responsible for the debt, or how they are liable. This can cause problems when one party promises to pay a debt in a divorce agreement, but fails to do so or files for bankruptcy later on, leaving the other party to pay the debt.

Finances are, next to children, one of the biggest concerns facing divorcing couples in Michigan and across the countr. The financial implications of divorce can be great, and it is important for those going through divorce, and those consider it, to make a detailed inventory of their financial situation.

For couples already going through divorce, this needs to be done anyway, as a financial statement of the couple's income, assets, liabilities, and expenses is required in order to make determinations related to property division, child support and alimony. For those preparing for divorce, taking a financial inventory will ensure that everything is accurately accounted for and will reduce the possibility of a spouse hiding assets.

Actor Martin Lawrence has reportedly filed for divorce from his wife after less than two years of marriage. Prior to their marriage in 2010, the couple had reportedly been together for 15 years. According to sources, the pair have decided to proceed with the divorce while remaining friends, and plan to raise their two daughters in cooperation.

According to court documents, Lawrence will be seeking joint legal and physical custody of their children, which would allow both him and his wife to share decision-making with respect to the children upbringing and welfare, and that the children will be spending their time equally between the former couple.

More and more Americans are delaying marriage until later in life. Those who do so usually bring more assets and past experiences into a marriage. While that can be a good thing, it can also present certain challenges. A recent Fox Business article provides several financial tips for older couples deciding to get married. Here we'll take a brief look at those tips.

The first piece of advice for older persons becoming engaged is to look into the possibility of setting up a prenuptial agreement. While these agreements are sometimes felt to be negative way to begin a life together, they can also save one from potential financial ruin.