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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:

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Waukesha County divorce attorneys

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.

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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:

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Waukesha, WI Divorce Attorney

One of the first questions that typically crosses your mind when you begin the divorce process is, “Who gets what?” During your marriage, you and your spouse likely acquired a lot of assets and debts, which all must be divided before you can finalize your divorce

Wisconsin courts allow you and your spouse to reach a mutual agreement about property division, either by negotiation through your respective attorneys or through a divorce mediator. If you cannot reach an agreement together for your divorce decree, a judge will intervene and base decisions on state laws and consideration of a number of factors.

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6 Dangerous Financial Mistakes to Avoid When Getting a Divorce

Waukesha, WI divorce lawyerIn addition to emotional challenges, divorce can lead to a great deal of financial difficulty. If you are going through a divorce, it’s important to be aware of some actions that could cause serious financial hardship down the road. Some of the most common financial divorce mistakes include: 

1. Disregarding Real Costs

Often, couples will consider the current value of their investments and completely forget about the real costs of liquidation. For instance, cashing out a retirement account could lead to financial penalties, and selling a property could result in capital gains taxes. Be sure to calculate the real cost of dividing an asset prior to making any decisions.

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