Parents in Michigan who are delinquent in paying child support may find it difficult to obtain a loan to purchase a home. Delinquent child support is classified as a derogatory credit event and can lower the likelihood of getting approved for a loan. However, there are ways parents can address their overdue child support to get a loan.
Divorce has been linked to depression and stress that can exacerbate existing health conditions and increase the risk of other problems for seniors. People in Texas who are approaching or going through a divorce later in life should keep the increased likelihood of health issues in mind. Knowing what to expect allows for preparation so that divorcing couples are not taken by surprise.
A prenuptial agreement, or prenup, is a legal document that individuals can use to specify how their assets will be handled should they get a divorce. Couples in Pennsylvania who are thinking about getting married should carefully consider how prenups could protect their financial interests.
Any new school year in Michigan comes with an understandable range of emotions for children, from apprehension about new teachers and classes to excitement about playing favorite sports. For children adjusting to a post-divorce life that includes splitting time between two homes, there can be added stress associated with getting back to school, especially if the end of a marriage is fairly recent. It can be helpful for everyone involved to be on the same page with how school-related issues will be handled to make the transition easier for children.
Child support programs in Michigan and around the country were established to ensure that children receive the care they need and do not become burdens on the state. Title IV of the 1975 Social Security Act allows the federal government to send states incentive payments to help them enforce child support orders and collect delinquent payments. All types of child support cases now include the designation 'IV."
For many young people in Ann Arbor, student loan debt represents a major burden on their financial, personal and social lives. Many millennials have postponed important life milestones like marriage and children because they first want to address mounting educational debt. Student debt has grown across the country and is far greater than in past decades. On average, a borrower owes $34,144 in student loan debt; for people who graduated as part of the class of 2017, that number is even greater, coming in at an average of $39,400.
Women in Michigan should be prepared to face some unsettling financial revelations if they file for divorce. A survey of 1,785 participants showed that 46 percent of the divorced women encountered financial surprises during their divorce.
Divorced Michigan parents must learn to deal with the difficulties of a co-parenting arrangement. Co-parenting is easier when both parents commit to maintaining focus on the emotional well-being of their children, understanding the harm that can come from minimizing one another in the eyes of the children, appreciating that the children should have attachments to both parents and valuing the relationship with both of them.
The National Retirement Risk Index was created in 2006 by the Center for Retirement Research in order to measure the percentage of households that are at-risk of a lower standard of living after retirement. Michigan residents who are approaching divorce might want to know that the risk of a lower standard of living is 7 percent higher for divorced people. Individuals usually must deal with higher costs of living per person because marriage allows for certain economies of scale.
Disability can change a Michigan family's life significantly, especially if a newly impaired parent's income was the basis for child support payments. Because disability can significantly affect a person's ability to work, it can often be accompanied by a sharp reduction in income. This can impact a parent's ability to meet their child support obligations.