One of the primary steps in divorce negotiation is marital property division, and one of the main assets that typically needs to be divided is the marital home. If you have to sell your house during a divorce, the real estate market will determine whether you make or lose money by selling. During a down real estate market, like the one we’ve been seeing in Milwaukee, you could lose most of the equity you have built in the house. To avoid all of this, one party can keep the house and the other can take other assets in exchange for the value of the equity.
The state of the overall economy definitely has an effect on how a divorce can affect you financially. You may have to move, apply for more credit, or even get a new job as a result of a divorce. All of these things are easier to do in a good economy.
If a couple has children under the age of 18, child custody and child support can complicate financial matters. If custody of the children is split between both parents, each one will have to pay living costs for each household, instead of combining their incomes for one household. If one parent has custody, it may become more stressful for the other parent who has to pay child support.
Getting a divorce during bad economic times requires careful consideration and planning. Thankfully, people faced with divorce in Wisconsin do not need to go through the process alone. Experienced family law attorneys are available to help people protect their financial interests through the course of the divorce process.
Source: MSNBC, “The best and worst times (financially) to get divorced?,” Angie Mohr, Aug. 8, 2011
