Filing for divorce in Wisconsin: Financial tips to consider

By the time you decide that your marriage is over, you already have many concerns on your mind. In Wisconsin, you can consider getting an uncontested divorce, which has a mandatory cooling-off period of 120 days. The legal process is already draining, and because you are so confused and full of resentment at this point, it can be hard to make decisions without thinking emotionally. Your immediate practical step should be to look for a Wisconsin divorce lawyer near me – someone who can guide you on laws and your rights. As the divorce has financial aspects, you have to prep accordingly, and here are some tips that may help.

Understand the full picture

If you were not the one who was responsible for the finances or how money was handled in the marriage, you need to have a clear idea of the financial picture. You need to find out the marital assets you own jointly if you are not aware at this point, as it is impossible to rely on the other party to be fair. Do not assume things. Gather all the financial info you can, collect the documents and papers, and give everything to your lawyer.

Consider the debts too

Property division is not just about the assets or what both spouses earn – It is also about the debts. Having a fresh slate after the divorce is always a good idea, and you wouldn’t want to pay for debts you own with your spouse. Get a copy of your credit report, consider the loans you have, and get a better idea of your financial situation in the context of both income and debt.

Focus on your financials

If you and your spouse own joint accounts, there is a chance that you may not be able to use the funds as you please after deciding to file for divorce. You have to be financially prepared to deal with your expenses, especially if you want to retain the custody of your minor children. Ask your lawyer whether you should apply for personal credit cards and accounts so that you don’t run out of funds.

Financial elements of a divorce are often complex, and having a clear budget in your mind is a good idea. Ensure that you talk to your lawyer about the situation so that you can get unbiased advice on all things that concern your financial standing and how to deal with property division.