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Waukesha, WI family law attorneysMany times, couples do not jump directly from being married to getting divorced. In most cases, a couple who is unhappy with their marriage will go through a period of separation before they file for divorce, even if that separation is not legally recognized. While this can be a good way for couples to determine whether or not they are actually ready for a divorce, it can also be a very important period of time for the couple’s finances. In Wisconsin, marital property is divided using “community property” theories. This means that each spouse is entitled to half of the marital estate, but that the marital estate is composed of all assets that either spouse owns, regardless of when they acquired that asset. Because there are such high stakes when it comes time to divide your property during a divorce, managing your finances prior to that is crucial. If you are currently separated from your spouse but are planning on filing for divorce, here are a few things you should keep in mind during your separation period:

  • Understand that your living situation will likely change. Many people do not want to come to terms with it, but after you are divorced, your standard of living is very likely going to change. Many households are dual-income households, meaning both partners work, allowing them to have a lifestyle that cannot usually be maintained with one income.

  • Put together and follow a post-divorce budget. Because of this, it is important that you begin to plan for your finances after your divorce is completed. Putting together a budget not only gives you an idea of how much you will need each month to live, but it can also help you understand what your bare minimum needs are when negotiating property division with your spouse. 

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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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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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