Tips for dealing with finances during a divorce

When a Wisconsin couple begins the divorce proceedings, the financial consequences may come as a surprise. However, there are tips a person can use to prevent their estranged spouse from leaving them financially destitute.

One of the first things a person who is facing the end of a marriage should do is contact a family law attorney. Prior to meeting with the attorney, they should have all of their financial information at hand. This way, the attorney can help the client understand what is financially at risk. A financial adviser can often be of assistance as well in the event that the financial situation is murky or complex.

While understanding which assets are marital property as opposed to those that are separately owned is important, perhaps something that is more key is a knowledge of what debts exist. A spouse who has not been significantly involved in household finances may not be aware of all of the joint liabilities, and running a credit report may be useful in this regard. It is also important when attempting to negotiate a settlement to set emotions aside, as this can help avoid getting hung up over a particular asset that may have sentimental value but not be of much worth to a person’s post-divorce financial situation.

Property division can be very difficult, especially if the divorce is contested and the estranged couple has amassed a large number of assets during their marriage. In many cases, a family law attorney can assist a client in obtaining a more favorable result through negotiations rather than letting a court decide after protracted and expensive litigation.