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Bucher Law Group, LLC

How to Prepare Your Finances for Divorce in Wisconsin

Posted on in Divorce/Family Law

Waukesha County Divorce Lawyer

The costs associated with divorce can all add up quickly, which is why it is important to prepare your finances and get them in order before you begin the divorce process. If you know you are definitely getting a divorce, now is the time to begin the necessary financial preparation. 

According to many law professionals, a typical divorce can cost at least $15,000. Making sure your finances are in order before you begin divorce proceedings can be crucial for your long-term prosperity. Here are four ways you can plan ahead:

1. Gather All Financial Documents

First, make sure you know your bigger financial picture. Collect all relevant financial documents, such as:

  • Checking and savings account statements;
  • Retirement and investment account statements;
  • Credit card statements;
  • Income tax returns from the past three years;
  • Recent pay stubs; and
  • Documentation about any loans you may have, such as mortgages or auto loans.

2. Create a Budget for After Divorce

The next thing you should do is anticipate the amount of income you will have after your divorce and how you can make it work. Write down a list of all of your monthly expenses and then make sure they balance out with your monthly income, including projected spousal maintenance payments. Sometimes you can keep the same standard of living, but changes often must occur so you can live within your new means.

3. Take Inventory of Assets and Debts

This step is important for the division of marital property. In order to determine who gets what, you must first figure out what assets you actually own that need to be divided, and what debts to divide as well. Making this list can help your attorneys figure out who should get what.

4. Contact a Delafield Divorce Attorney

In order to come out of your divorce with a healthy and stable financial picture, you need to plan accordingly. The Bucher Law Group, LLC can help you make a solid financial plan for your divorce. Our skilled Waukesha County divorce lawyers can help ensure you have everything you need to be financially comfortable after all is said and done. Call our office today at 262-303-4916 to schedule a free consultation.

Sources:

https://www.nerdwallet.com/blog/finance/7-ways-to-prepare-your-finances-for-divorce/

https://money.usnews.com/money/personal-finance/articles/2015/08/07/7-financial-steps-to-take-when-getting-a-divorce

https://www.thebalance.com/how-women-can-prepare-financially-for-divorce-4158899

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