Preparing for divorce

While some Wisconsin spouses may decide to get a divorce in the heat of the moment, many spouses reach this decision after careful consideration. For these spouses, there are several steps that they can take to protect themselves before they start the process of filing for divorce.

One step is to prepare important financial records. They should have copies of important financial data for the last three to five years, and these copies should be secured in a safe location that the other spouse does not have access to. The information may include mortgage documents, income tax returns, bank account statements, information about investments and statements for retirement accounts and credit cards. This information can be used to help prepare a financial statement for the court. Once the divorce is imminent, a spouse should establish a separate checking and savings account. Joint accounts should be closed, and the spouse should also establish his or her own line of credit. These steps are necessary to establish one’s financial independence. A spouse who is considering divorce may also want to make copies of his or her spouse’s financial records so that this information will not be hidden once the divorce is impending.

At the same time, a spouse should also identify items that personally belong to him or her. These might be items that the spouse had before the marriage or gifts or inheritances. Preparing a list of these items and photographing them is helpful during the process. Getting evidence that these are personal items is also helpful. Also, the spouse might choose to move these items to a safe location to which the other spouse does not have access.

Another important step to take during this time is to contact an attorney. An attorney might be able to help the spouse achieve his or her goals, as well as advise when it is best to compromise.

Source: Go Banking Rates, “How to Perfectly Plan Your Divorce to Protect Your Assets“, Amanda Garcia, January 08, 2014