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Muskego divorce attorney asset division

Each year there are millions of people who go through the long and tedious process of divorce. According to the American Psychological Association (APA), around 40 to 50 percent of marriages in the United States end in divorce. Both men and women experience divorce at similar rates, but they do not always experience divorce in the same ways, as women typically tend to suffer the most financially and experience greater financial losses after a divorce. According to a study conducted by the U.S. Government Accountability Office (GAO), women’s total household income fell by 41 percent after divorce, compared to men, whose total household income fell by only 23 percent.

Understanding Your Finances

One of the biggest reasons for the disparity in divorce outcomes is simply just a lack of involvement in or knowledge of the family’s finances. However, there are many reasons a divorce could go wrong, as well as many ways that you could make a mistake. If you are going through a divorce, you should avoid making these top financial errors:

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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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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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Pewaukee asset division attorney

Everyone knows that divorce can be difficult for several reasons. For some people, the legal aspect of divorce is more difficult and stressful than the emotional impact. For others, the emotional side of divorce is the part that gives them trouble. Even things like the asset division process can be daunting, especially when dealing with things such as the marital home. For many people, their house may have significant meaning, and it may hold a special place in their hearts. Often, the marital home is the first house that the couple purchased together, and it may be where their children were raised. Deciding what to do with the marital home is only one step in the property division process, and it is not always easy. An experienced family law attorney can guide you through the proceedings and help you achieve a positive outcome. 

Understanding Community Property Laws

Most states function under the "equitable distribution" principle when it comes to dividing assets in a divorce. Only nine states do not function under that doctrine, and Wisconsin is one of them. In the state of Wisconsin, marital property is considered to be "community property." This means that the law presumes that each spouse should leave the marriage with roughly half of the marital assets. The only property acquired during a couple's marriage that may be exempt from being divided in a divorce is property that was acquired by either spouse through gifts or an inheritance.

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Menomonee Falls asset division attorney

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.

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