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Oconomowoc divorce attorney asset division

For many people, getting a divorce is a very emotional process, but what many people do not realize is that divorce can have a huge impact on their finances. The decisions that you make during your divorce will affect your financial health for years to come, which is why you will want to be sure to prepare yourself for life after divorce as much as possible. One of the things you should keep an eye on during your divorce is your credit score. According to one survey of divorced Americans, 38 percent of respondents said they saw their credit score drop by more than 50 points after their divorce. In general, the act of getting a divorce in itself will not affect your credit score, but actions that are taken before and during the divorce can dictate the effect the divorce has on your credit. Below are a few tips to help you protect your credit during your Wisconsin divorce.

Pull Your Credit Report for Your Review

The first thing you should do is to request a copy of your credit report from all three credit bureaus: Experian, Equifax, and TransUnion. This will allow you to see a complete picture of every credit account that is linked to your name. From here, you can differentiate between your personal and your joint accounts, as well as note on which accounts your spouse is an authorized user. You will want to remove your spouse as a designated user from any of your accounts as soon as possible.

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New Berlin child custody attorney

One of the biggest fears that parents have when ending their marriage is how divorce will affect their children. Fortunately, most children whose parents get divorced grow up to be happy, successful, and well-adjusted adults. Studies have shown that children of divorce are relatively unaffected by the event as long as they are exposed to marital conflict as little as possible. In order to promote cooperation, Wisconsin courts require parents to attend mediation to try to create a parenting plan before appearing before a judge. If mediation fails or would be inappropriate, then you will need to go to court, where a judge will determine a parenting plan for you. However, if you and your co-parent are able to negotiate a plan among yourselves, this is even more beneficial.

Elements of a Parenting Plan

Every couple that is getting a divorce and has a minor child in the state of Wisconsin is required to file a parenting plan with the court and have it approved by the judge prior to the divorce being finalized. A parenting plan is a legal document that outlines all of the parental duties that each spouse has, especially in regard to legal custody and parenting time (visitation). Other things that should be included in a parenting plan can be information such as:

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New Berlin divorce attorney parental alienation

Divorce is never easy for anyone, but for a child, coping with a divorce can be more difficult than it is for other members of the family. This is especially true for divorces that involve a lot of conflict or disagreements between the spouses. In high-conflict divorces, everyone feels the effects of the split, especially a child. In some cases, a parent may even use a son or daughter to his or her advantage during the divorce by pitting the child against their soon-to-be-ex spouse. Parental alienation is a serious issue present in some contentious divorces that can not only cause issues during the divorce process but can have lasting effects on the relationship between the child and his or her parents.

What Is Parental Alienation?

Parental alienation occurs when one parent uses various strategies and methods to isolate his or her child from the other parent and attempts to sabotage or harm the relationship between them. Most of the time, this type of behavior is intentional by the acting parent and is intended to “get back at” or hurt the other parent. While parental alienation is aimed at harming the other parent, the child becomes collateral damage and can suffer emotional and mental distress and other long-term effects.

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Oconomowoc divorce attorney child support

When you get divorced as a parent, there are many extra things that you have to deal with that a childless person getting a divorce does not. In addition to deciding what you are going to do with the marital home, how you will split up your retirement funds, and who gets to keep the family pet, you will also have to determine how parenting time will be split up, where the children will live, and who will pay child support. Typically, the noncustodial parent, or the parent with the least amount of parenting time, is the one who pays child support to the other parent. Child support exists until the child turns 18 or finishes high school, but the terms of the support are not technically set in stone. Depending on your circumstances, you may be able to have your child support order modified in Wisconsin.

Reviewing a Child Support Order

The first step in having your child support order changed is having it reviewed by the court. When the court reviews a child support order, it is looking to see if the order follows the percentage of income guidelines, whether or not the order includes medical support, and whether or not there has been a significant change in circumstances since the last review or since the orders were established. The court does not hear all petitions for review, however.

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Waukesha divorce lawyerHow do you know when it is time to end a marriage? There is no correct answer to that question because there is a different “right” answer for everyone. Many people report feeling distant or emotionally separated from their partners well before they divorced, but many also report that they knew it was time for a divorce when they could no longer trust their spouse. When you cannot trust your spouse during your marriage, you probably cannot trust him or her during your divorce either. How do you know if your spouse is being truthful about everything he or she owns or how much money you both have? If you think that your spouse might be hiding assets from you, taking action is essential. Here are a few things you can do to begin your hunt for hidden assets:

  1. Get copies of your tax returns. The first thing any divorce attorney is going to tell you to do is to get copies of tax returns from the last couple of years. You should have at least three years' worth of returns, but five years of tax returns are preferred. You are looking for inconsistencies between returns. Where has income been coming from? Are there other sources of income, such as interest, dividends, or capital gains, that you are unfamiliar with? Flag anything that you are unsure of and share it with your lawyer. 

  2. Carefully review your bank and credit card statements. Next, begin looking through your statements from your joint bank and credit card accounts. Unusual transfers or withdrawals should be flagged, as well as any recurring or scheduled transfers or withdrawals that may form a pattern. Have there been any odd payments made to family members or friends or deposits into a child’s custodial account? If so, your spouse may be attempting to funnel away marital funds under your nose.

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