When one of the spouses files for divorce in Wisconsin, it is the first step toward admitting that the relationship is over. For couples who have spent many years together, the prospect of divorce can be unsettling. They do not know what to expect, or what is going to happen.
In many households, both spouses contribute financially to the monthly budget. When it comes to divide this property, it may be challenging to find an agreement that is acceptable to both parties. The court may be asked to make a property division determination, which means that each spouse will receive a share of the assets and debts that were acquired during the marriage.
There are unique considerations that will often need to be addressed if the couple has an extensive amount of assets that need to be divided. For example, if one of the spouses owns a business, the business must be evaluated to determine its value. This can be difficult to establish, and will require the use of financial professionals to examine the business’s records.
If the couple has a retirement account, any of the money that was earned during the marriage may also be subject to division. Those close to retirement age will need to take this under consideration during the divorce process.
While all of this seems like it can make a divorce take forever to finish, there are things that individuals can do to help the process move faster. Before filing for divorce, people should try to collect as much documentation as possible about their finances. This can be extremely beneficial should one spouse try to conceal certain assets.
If you are thinking of filing for divorce, it is important that you are prepared for the changes that you are about to experience. Speak to a knowledgeable family law attorney about the issues that are most concerning to you, so that you understand what you need to do before you file.
Each family’s situation is different, and it is important that you work with someone who is familiar with all of the various issues that can arise. Proper planning can help you emerge from your divorce in a more positive place, and help you move forward with your life.