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Bucher Law Group, LLC

Sorting Out Your Finances in Your Wisconsin Divorce

Posted on in Divorce/Family Law

Milwaukee County divorce attorney

Many studies and surveys have revealed that one of the biggest sources of arguments and contention in a marriage is financial matters. For some couples, finances are the reason that they get a divorce. Most of the time, married couples have at least a few intermingled financial assets, and sometimes, all of the couple’s financial assets are combined. Although this often makes for easier handling during the marriage, it can mean increased difficulty and arguments during a divorce. Figuring out what you should do with your finances during your divorce can be difficult, but it does not have to be. Here are a few common financial issues that may arise during divorce and how you can resolve them:

Determining Your Assets

Before you begin anything relating to separating your finances, it is important that you understand your current financial picture. To do this, you need a list of all of the assets that you and your spouse own. This may include:

  • Bank accounts, such as checking and savings accounts

  • Cash

  • Mutual funds

  • Stocks

  • Savings bonds

  • Certificates of deposit (CDs)

  • Retirement plan funds

  • Deeds to real estate

  • Mortgage statements

  • Auto loan documents

  • Vehicle titles

  • Any other asset that is of significant value

Understanding these assets is critical, because the face value of these assets is not always the same as the actual value of the asset. For example, the amount that you have in a retirement fund is not necessarily the amount that the retirement fund is worth. The contributions to the retirement fund were more than likely made before taxes were taken out of it, meaning you would have to pay taxes on any distributions you received. In certain situations, an attorney can also help reveal hidden assets that your spouse may have been keeping from you. 

What Should You Do With the Family Home?

Deciding how to handle ownership of a family's house can be tricky for some couples, especially if there are children involved. Most of the time, you have three options when it comes to dealing with the marital home: you can sell the house and split the profits made off of the sale; you can both continue to co-own the house and pay on the mortgage; or one of you can assume full ownership of the home by “buying out” the other spouse. To do this, the spouse who wants to own the home would have to refinance the home in his or her name only, which would relieve the other spouse of any obligation to the home.

Investment Accounts

Dealing with investment accounts can be a complicated business. It is not uncommon for one spouse to be more involved in financial investments and have a better understanding of how that process works. If you were not typically involved in deciding how to invest money, it may be in your best interests to leave the investment accounts to your spouse, while you retain ownership of other property of similar value. Depending on the investment, there could be applicable taxes and fees that you would have to take into consideration, which could significantly lower the actual value of the investment and the amount you would receive. 

Contact a Milwaukee County Asset Division Attorney

Divorce is not cheap; you could end up paying out thousands of dollars for your divorce, depending on your situation and the settlement. The last thing you need is to make financial mistakes that cost you more money in the long run. It is important to know your rights to marital property and assets. At the Bucher Law Group, LLC, we can help you make sure you are setting yourself up for financial success after your Wisconsin divorce. Contact one of our skilled Waukesha County divorce lawyers today at 262-303-4916 to schedule a free consultation.

 

Sources:

https://www.forbes.com/sites/jbrewer/2018/08/14/getting-a-divorce-financial-issues-to-consider/#51189c5d3087

https://www.thebalance.com/a-guide-to-the-most-common-financial-issues-of-divorce-1289262

https://www.nerdwallet.com/blog/finance/how-to-untangle-your-finances-in-a-divorce/?trk_location=ssrp&trk_query=divorce&trk_page=1&trk_position=6

 

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