It is a nightmare no business owner wants to experience. The small business the owner has spent years building up is suddenly sold off to pay for a divorce settlement, or the now former spouse has taken control of it. The problem for Michigan business owners is that if a spouse is co-mingled too much with the business, that spouse may end up with a say in the company’s ultimate fate in a possible divorce. There are ways, however, for an owner to help prevent losing a business and its assets should a divorce occur.
Keeping your business assets safe from a divorce
What is a big estate planning mistake to avoid at all costs?
Estate plans are critical to prevent the issues that can delay or prevent the transfer of one's assets to future generations. Many people in the Fowlerville area do not realize that their estate plans may not be enough to keep their loved ones from squabbling after they die. In order to maximize the protections and benefits of estate planning, you must remember to structure them to help your family and friends avoid emotional and financial hardship.
Child custody disagreements can be resolved amicably
The child custody process doesn't always go smoothly. There will likely be times when you and your ex don't agree on what needs to happen with the children. You should be prepared to try to make these decisions as easy as possible. The last thing that you or your children need is a long, drawn-out battle that upsets all involved.
How does a person disclaim their inheritance?
Many Fowlerville area residents assume that by the time they create their estate plans or die, they will not need to worry about what happens if one of their beneficiaries' refuses their inheritance. It is not often you hear about people passing up their share of a deceased relative’s legacy, but it happens all the time. Sometimes it is not beneficial for people to inherit assets and wealth from their relatives and loved ones.
