For Wisconsin couples who are going through a divorce, protecting their finances may not always be a top priority. However, when emotions are running high, it is easy to make costly mistakes that have severe financial costs for one or both parties for years to come. One of the most common mistakes people make during a divorce is being unaware of their financial situation. From basic household operations to larger assets such as 401(k) plans and IRAs, it is essential to have a good understanding of which assets are available for division.
A forensic accountant can provide an independent examination of the couple’s financial marital assets, making it possible to negotiate effectively. An accountant can also look at tax history and can potentially uncover assets being hidden by one spouse. Another major mistake is to not seek the guidance of an attorney. Because of rules dealing with conflicts of interest, each spouse is advised to have separate legal representation.
One of the most expensive mistakes many divorcing spouses often make is agreeing to negotiations or concessions without having them entered into the divorce decree. Having a written record of all financial agreements not only provides clarity but helps the court enforce the arrangements that were made should a dispute subsequently arise.
A variety of legal issues are often present when people decide to end a marriage. Property division is often a contentious matter, but spousal support and, in the case of divorcing parents, child custody and visitation are often difficult to resolve. In some cases, a family law attorney can assist a spouse in attempting to negotiate a comprehensive settlement agreement that incorporates these topics and which can be presented to the court for its approval.
