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Bucher Law Group, LLC
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Milwaukee County divorce attorney asset and property division

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. 

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Waukesha County spousal maintenance attorney

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.

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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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