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Bucher Law Group, LLC
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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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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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Delafield divorce attorneyIf your divorce has recently been finalized, you are likely relieved and wondering how to move on with your life. We have compiled this list of tips to help you live the high quality of life you deserve post-divorce:

1. Change Your Passwords

Your ex-spouse likely knows all of the logins and passwords to your online accounts, including email, social media, online shopping sites, credit cards, and bank accounts. Be sure to change all of your online passwords and keep track of them in a notebook or password management app. By changing your passwords, you will not have to worry about your ex causing any damage to your reputation or finances.

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Delafield gray divorce lawyerGray divorce is a term used to describe divorce that occurs later in life. Since 1990, divorces among couples who are over 50 years of age have more than doubled. This significant rise in gray divorce has led to serious financial issues for divorcing couples. 

Although child custody problems are not typically an issue in gray divorces, divorcing over age 50 can be difficult for individuals who would like to support themselves without taking a toll on their retirement. By taking the time to understand the risks of gray divorce, couples can protect their financial future. If you are going through a gray divorce, be sure to ask yourself the following questions:

Can I Afford to Keep My Family Home?

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b2ap3_thumbnail_Untitled-design.jpgDivorce 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. 

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