Divorce can be a messy process in Wisconsin, and the last thing you want to worry about is your finances. To maintain a healthy financial situation and avoid any money-related stress during and after your divorce, you’ll want to understand the financial issues of most importance during your divorce.
Understand your financial situation
This includes taking an inventory of all your assets and liabilities as well as figuring out your monthly expenses and income. Knowing where you stand financially will help you make informed decisions about how to proceed with your divorce.
Among other things, know the marital and separate property, debts and liabilities that you and your spouse have. You’ll also want to know the tax consequences of splitting up property so that you can plan accordingly.
The person who’s name is on the title
If you’re the person whose name is on the title of any property, such as a car or house, you’ll want to be especially careful during a divorce. You may be responsible for debts incurred by your spouse even after the divorce gets finalized. For instance, if your spouse racks up a lot of credit card debt, you could be held liable for that debt even after the divorce.
If you have children, child support will be important to consider during your divorce. Keep in mind that child support will not automatically end after your divorce. Depending on the situation, you may be responsible for paying child support even after the courts issue a final divorce decree. The courts will generally issue child support guidelines that take into account the amount of time each parent spends with the children. However, if you’re concerned about how much your spouse will seek in terms of support, it’s best to come up with a plan that works for both parties before finalizing the divorce.
There are many other financial issues to consider during a divorce, but these are some of the most important ones. By understanding your financial situation and planning ahead, you can make the divorce process much less stressful for you and your family.