Divorce can be challenging not only emotionally, but also financially, as couples will need to work to determine how their shared property will be distributed between the two spouses. You may go into your divorce understanding that you will need to divide your marital assets, but it is important to remember that you will also be expected to divide your debts and to prepare yourself for the impact on your personal finances. In Wisconsin, with few exceptions, assets obtained and debts incurred by either spouse during the marriage are considered shared marital property to be divided equally in a divorce. 

Loans Need to Be Paid Off Regardless of Marital Status

It is not uncommon for couples to acquire a lot of property during their marriage. Likewise, they can also rack up a lot of debt due to loans for education, vacation homes, vehicles, furniture, appliances, and even electronic devices such as phones and computers. Some common marital debts that can factor into your divorce settlement or resolution include:

For many divorcing couples, the well-being of their children is at the top of their list of priorities. Nearly every parent who has ever even considered getting a divorce has likely thought about how the end of their marriage will affect their children. Some parents may think that getting a divorce would traumatize their children, but studies actually show that most children adapt fairly well after divorce, as long as their parents put in an effort to create a loving and stable environment. Breaking the news of your divorce to your children is the first step in helping your children adapt to life with divorced parents. 

A Difficult Conversation

Although you may be dreading telling your children that you and your spouse are ending your marriage, it has to be done. Here are a few tips you can use when having that challenging talk:

It has often been said that marriages do not end overnight; they slowly deteriorate, falling apart over months or even years before they are considered to be “broken.” Some people recognize these signs of atrophy over time, although many do not, which is why it is not uncommon for situations to exist in which one spouse is completely shocked by the other spouse’s desire to get a divorce. Chances are, however, if your marriage is having issues, you can probably sense some of the tension. It is normal to go through periods of restlessness or unhappiness throughout your marriage, but how do you know when it is time to call it quits? There is no simple answer to that question; however, there are some common signs that typically appear in marriages that are irreversibly damaged, including:

1. You Have More Bad Days Than Good

Marriage can be hard work, and it takes a concerted effort by both spouses to make it last. You will experience some bumps throughout your union, but they should not cause you so much grief that you find it hard to function on a daily basis. Everyone has bad days from time to time, but if your bad days begin to outweigh your good days, this may become an issue. Studies show that happy couples have 20 positive interactions for every negative interaction, while couples nearing divorce typically have the same number of positive and negative interactions.

Going through a divorce can be one of the most confusing times in your life. You probably will make mistakes because of the slew of emotions a divorce can bring out. You may feel sad, angry, depressed, or even anxious over the divorce, which are all emotions that can distract you and prohibit you from thinking clearly. Even just a simple mistake made during your divorce can impact the rest of your life, which is why it is important to tread carefully in a divorce and seek experienced legal counsel.

The following are a few common mistakes you should avoid in your Wisconsin divorce:

If this is your first holiday season after divorce, give yourself a round of applause. Perhaps it has not been easy, but you are getting through it. Now that the new year is right around the corner, it is a good time for some self-reflection and introspection. 

We often get so caught up with the hustle and bustle of everyday life, we forget to stop and reflect on our actions, behavior, and goals. The start of a new year gives us that chance, and after a divorce, it can be especially helpful.