Protecting assets in a divorce can be difficult

Most Wisconsin couples who are contemplating divorce know that the process can be expensive. As a result, many want to get the process over with as quickly as possible so that they can move on with their lives and spend less. However, moving too fast can actually end up costing a spouse more in the long run. Those who do not fully consider the implications of certain settlements and agreements may find that they’ve made big mistakes.

One major mistake that a spouse can make is to not take the time to look at all of the assets. Not taking into account future interests and business interests can cost a spouse quite a bit of money, making a settlement unfair. One way to avoid missing out is to have a financial planner or investigator involved who can look for these things. They may also be able to find any potential hidden bank accounts.

If a couple wants to divorce, it is recommended that new individual bank accounts should be opened and joint debts should be separated. Once a divorce settlement has been reached, beneficiaries on certain assets should be updated and names should be removed from deeds and titles depending on who got what. Once the couple is divorced, both former spouses should speak with a financial adviser so they can protect their assets and prevent losing more money due to bad decisions.

When estranged couples are attempting to divide their property during the divorce, emotions and hidden assets can potentially cause problems. A family law attorney may assist with the property division by helping a client determine the value of all applicable assets. In some cases, the attorney can negotiate so the client can keep the house or car while agreeing to allow the other person to have other assets.