Getting a divorce can be stressful for many reasons, but one of the leading causes of this anxiety can be the financial side of things. While many spouses may experience financial difficulties during their marriage, these issues can also follow a person during and after their divorce. When you file for divorce, you must separate yourself entirely from your spouse. This can sometimes prove to be difficult, especially because many married couples have joint bank accounts, assets, credit cards, and other debts. Wisconsin is a community property state, meaning all assets, income, and debt are considered the property of both spouses and must be divided between them during a divorce.

Determining Property to Be Divided

If you and your spouse each acquired certain property before your marriage, that property will be considered separate, non-marital property that is not subject to division during divorce. Any assets or debts acquired during your marriage are considered marital property under Wisconsin law. All marital property, including assets you own and debts you owe, is subject to division between the two of you. However, there are a few exceptions to that rule. Wisconsin law states that any property acquired as a gift from another person or through the death of another person remains the property of the specified spouse, no matter when the property was acquired.

Child-related issues are perhaps the most difficult aspects of a divorce. When you have a child, you must take into consideration how your divorce proceedings and the decisions about issues such as property division and spousal support will affect his or her life as well as yours. It can be difficult to balance your own needs with your child’s best interests when making decisions about various issues. Child custody can be a contentious topic in a divorce, which is why the state of Wisconsin has set forth specific guidelines for settling these types of issues.

Mediation Requirements

Like many other states across the country, Wisconsin believes that a judge making a decision about child custody should be a last resort. If you and your spouse are having a hard time agreeing on child custody issues, you both will be ordered to attend at least one mediation session to help you reach a decision. If you and your spouse use mediation to your advantage and come to a mutual decision on legal and physical custody, your agreement will be written up by the mediator, reviewed by your attorney, and given to the judge in your final custody proceeding.

Determining Physical Placement

If mediation is not appropriate for your situation, or if you and your spouse have been unable to come to an agreement, the court will appoint a guardian ad litem for your child to represent his or her best interests. You will then attend a hearing for a judge to allocate physical placement. The judge will create a schedule that allows the child to spend time with both parents, unless it is found to be harmful to the child for both parents to have visitation.

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. 

Getting divorced is often a long and tedious process for many couples. There are many things you have to do before you can officially call it quits. Many couples share nearly everything when they are married, including finances. While this can be convenient and useful during a marriage, it can prove to be a hassle during a divorce when you must disentangle your and your spouse’s finances. Divorce is difficult not only because of the financial aspect, but also because it is an emotional process as well. Major life transitions can be much easier with preparation, and divorce is no exception. Below are a few practical ways you can prepare for your Wisconsin divorce.

Understand Your Financial Situation

It is not uncommon for one spouse to be more knowledgeable of the finances in a marriage. If you are getting a divorce, it is important that you have a clear picture of what your finances look like. First, you should gather all of your financial documents, such as bank statements, credit card statements, as well as information about investment and retirement accounts. In addition, it is important to know about any assets you may own, such as real estate, vehicles, or other expensive items. You should then determine if you have any debt for which you and your spouse are responsible, such as credit card balances, a mortgage, vehicle loans, plus other outstanding bank or personal loans. This can give you a clearer picture of what you are working with when it comes time to divide your assets and debts.

Nothing stays the same forever; the only constant is change. The same can be said when it comes to divorce decrees and the decisions that they contain. In Wisconsin, a divorce decree will include all of the information that is needed to settle a divorce, such as how property is being divided, how child custody has been determined, and whether or not spousal maintenance or child support is relevant for the case. As everyone knows, circumstances can change over time, and what may have been right when the divorce was finalized may not be appropriate for current or future situations. In scenarios such as these, you may need to modify your Wisconsin divorce decree.

Time Requirements For Modifications

It is important to know that you cannot change elements of your divorce decree just because you want to or because you do not like them. You actually need a valid reason to modify your decree, and even then, there are certain things you typically cannot change, such as property division.