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Bucher Law Group, LLC

How Can I Obtain a Good Financial Standing After My Wisconsin Divorce?

Posted on in Divorce/Family Law

Milwaukee County divorce attorney asset and property division

When you get married, you do not expect to get divorced from your spouse. However, people and circumstances can change. In some cases, the best decision for everyone in the family is for you and your spouse to end your marriage. However, divorce is a very emotionally and financially stressful event. It is no secret that getting a divorce is expensive, and it can take a huge toll on your current and future financial situation. Although it can feel like your entire life is being dismantled during your divorce, your finances do not have to suffer. Below are a few ways you can increase the chances of coming out of your divorce while maintaining financial security.

Understand Your Rights to Marital Property

One of the most important ways you can make sure you are in good financial standing after the divorce is having a complete picture of your marital finances. You can do this by making a list of what you and your spouse own in assets and property and by also making a list of what debts you both have incurred throughout the marriage. This way, you will know whether you will need to take on debts such as credit card balances, vehicle loans, or a home mortgage after the divorce. Once you know exactly what you and your spouse own in regard to marital property, you can begin to plan your asset division strategy to determine which assets are the most important to you and what you are willing to fight for. For example, you may want to stay in the marital home if you will be the custodial parent of your children. 

Start Planning For Single Life

You should also begin to plan out what your finances will look like after you have completed your divorce. You can start by making an estimated post-divorce budget. List all of your post-divorce expenses, such as rent, utilities, food, car insurance, credit card payments, and other monthly costs. Next, factor in your own personal income and determine how much you can devote to savings and investments each month. Depending on your situation, you may be awarded spousal maintenance, or you may receive child support if you are allocated the majority of the parental responsibilities. This will allow you to determine how much of the marital estate you will need to live comfortably. 

Contact a Racine County Divorce Lawyer

Planning ahead is the key to success in any stage of your life, and divorce is no exception. Even if you and your spouse do not have a lot of assets or property, you should still do everything you can to ensure you are financially prepared for life after divorce. At the Bucher Law Group, LLC, we understand the mental and financial toll that a divorce can take on you. Let our skilled Waukesha County asset division attorneys advise you on what is best for your situation so you can focus on the next chapter of your life. To schedule a free consultation, call our office today at 262-303-4916.

 

Sources:

https://www.usatoday.com/story/money/2019/08/07/divorce-how-file-without-wrecking-your-finances/1932401001/

https://www.businessinsider.com/how-to-protect-money-divorce-2017-1

https://money.usnews.com/money/personal-finance/articles/2016-09-29/10-ways-to-prevent-a-divorce-from-ruining-your-finances

 

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