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Waukesha County divorce attorney asset division

For the most part, the divorce process itself is not difficult; if a couple has only been married for a couple of years, does not have children, and does not have many assets, the process could be completed in a matter of weeks. However, most divorcing couples have been married for at least a couple of years, meaning they are more likely to have gathered and intermingled more assets, which can make the divorce process longer and much more tedious. The more assets you and your spouse have to deal with, the more complex your divorce case will become. High asset divorces bring their own set of issues and difficulties to the process. Below are a few of the most common mistakes that couples make during a high asset divorce in Wisconsin. 

  1. Not Investigating for Possible Hidden Assets

One of the requirements at the beginning of the divorce process is that both you and your spouse fully disclose all of your financial assets. However, not everyone is truthful when it comes to disclosing their assets. It is illegal for your spouse to intentionally hide assets from you, as Wisconsin law states marital assets should be divided on a 50/50 basis.

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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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