There are many reasons why couples divorce. Maybe they realized they were better off just as friends, or perhaps someone’s needs were not being met. Whatever the circumstances, the divorce process is almost always more difficult and more complex when there are hostilities between the spouses. It is not uncommon for one spouse to have sole responsibility for the bills or finances. Divorcing with less-than-amicable feelings can sometimes cause that spouse to attempt to hide assets out of spite or anger. Not only is this untruthful, but it is also illegal and can carry some serious consequences. 

Requirements for Financial Disclosure

During a divorce, Wisconsin courts require both spouses to be fully transparent about their finances. All assets owned fully or partially by the individual spouses and all assets owned jointly between the spouses must be disclosed. This includes assets such as:

Getting a divorce can be one of the best things that can happen to a person, especially when they are miserable in their marriage. Yet while a divorce can be positive, it can also be extremely time-consuming and stressful. The division of marital property is one of the more important and often contentious elements in the divorce process. Everything you and your spouse own must be allocated to one of you, depending on whether it was acquired before or after you were married. Here are a few specific assets you must allocate during your Wisconsin divorce:

The Family Home

Determining what you will do with the family residence can be difficult for a lot of people. Many have an emotional attachment to their home, especially if they have had children grow up there. If one spouse has a particular attachment to the home, that spouse could either buy out the other spouse’s portion of the home or apply for a new mortgage on the home. If neither spouse wants to keep the residence, the easiest solution is to sell the home and split the profits.

Often, men and fathers do not take steps to protect their rights in a divorce, because they believe that women and mothers are always favored in the decisions made in family court. However, if you are a man or father going through a divorce, you should know that you have certain rights, and you do not have to let a divorce hurt your finances and your future. Here are five tips that can help you survive your divorce: 

1. Ensure Your Assets Are Protected 

Wisconsin is a community property state, meaning that property a couple acquired during their marriage is distributed equally between both spouses so that each one leaves the marriage with about the same amount of assets and debts. Although Wisconsin courts usually favor equal property division, they may deviate from it after considering several factors, such as the length of the marriage, the property each spouse brought to the marriage, and each spouse’s contributions to the marriage. By seeking experienced legal representation, you can ensure your assets are protected. 

Divorce is a complex and time-consuming process that involves more than simply filling out some paperwork and submitting it to the court. In some divorce cases, it can take several months to reach a settlement. If you are going through the divorce process and would like to finalize your divorce as soon as possible, these five tips are sure to help.

1. Conduct Some Research

Once you decide to file for divorce, you should educate yourself on the process so that you know what to expect. This way, you will not be blindsided by any issues and can respond quicker.

Divorce can be emotionally difficult and if you are not cautious, it can hurt your economic future. If you are going through a divorce, you should make every effort to avoid the following five common financial mistakes that can cost you a lot of money and leave you in a bad financial situation in the future.

1. Becoming House Poor. Often times, the family house gets kept by one spouse after the divorce. Whether you would like to keep the house because of your children or because you are simply attached to it or have invested money into it over the years, you should make sure you can comfortably afford to keep possession of your home. You may find that paying the mortgage and maintaining the house on your own will make you house poor and unable to afford the lifestyle you would like. 

2.  Thinking Short Term. It is common for divorcing couples to focus their attention on short-term problems and benefits rather than thinking long term. By thinking about how every financial decision you make in your divorce will affect you in 5, 10, 15, and 20 years, you can reduce your risk of making a mistake.