4 Tips for Preparing Your Finances During Your Wisconsin Divorce

 Posted on April 30, 2020 in Family Law

If you are getting a divorce, this may be one of the most stressful times in your life. The person who you were supposed to spend the rest of your life with is no longer in the picture, and your life is changing in nearly every aspect. It is not unreasonable to forget about the financial side of things while you are in the middle of the emotional roller coaster known as divorce. However, disregarding your finances beforehand can lead to significant problems after the divorce is complete. Proper financial preparation before and during your divorce is the best way to help ensure you will have a good financial standing after your divorce. Here are a few tips to help you prepare financially during your Wisconsin divorce:

• Recognize your current role in your marital finances. In many marriages, one spouse is the person responsible for maintaining the couple’s finances. This can be convenient during the marriage, but it can be a real setback during a divorce, especially for the spouse who is not as in tune with the couple’s financial situation. You should begin to educate yourself about you and your spouse’s finances so you have a basic idea of where to begin during the property division process.

• Understand what rights you have in your divorce. You should be aware of the laws that govern marital asset division in Wisconsin. The state of Wisconsin is a community property state, and all property a couple acquired during their marriage is considered to be marital property. Wisconsin law states that community property should be divided equally, but judges can construct other types of agreements if the situation calls for it.

• Gather as much documentation as you can. As you look through your financial documents, you should begin to make copies of any and all financial records that you find. Important documents include tax returns, bank account statements, retirement and investment account statements, and information for any debts you may have, such as a mortgage or any vehicle loans, in addition to outstanding credit card balances.

• Start preparing a post-divorce budget. One of the most important steps you can take to prepare your finances for life after divorce is to create a budget and ensure that you will be able to meet your financial needs. Once you are divorced, you will likely only have your income to cover all of your monthly living expenses. You should try to anticipate what your future expenses will be, and this can help you determine whether spousal maintenance will be necessary.

Contact a Waukesha County Divorce Lawyer 

There are many considerations that must be made during the divorce process. Due to the complex legal and financial issues that you will need to address, it is crucial to have a knowledgeable Muskego asset division attorney by your side throughout the legal proceedings. At the established law firm of Bucher, Wolff & Sonderhouse, LLP, our team of skilled Wisconsin divorce lawyers can help you make sure you get what you want and what you need out of your divorce. To schedule a free consultation, call our office today at 262-232-6699.

Sources:

https://docs.legis.wisconsin.gov/statutes/statutes/767/VII/61

https://www.nerdwallet.com/blog/finance/7-ways-to-prepare-your-finances-for-divorce/