Many people in Wisconsin consider the new year a time for a fresh start, and one of the ways that couples often begin anew is to end a marriage that is failing. According to the American Academy of Matrimonial Lawyer, the number of divorce filings in January goes up by one-third. If someone is considering a divorce, however, it’s important that they get their affairs in order to make the process as painless as possible.
Since Wisconsin is a community property state, assets that are considered to be marital property will be split down the middle. Therefore, people should get a complete list of their assets and debts and also determine if any assets could be exempted from being considered marital property.
People should also gather their tax documents and consider how their filing may be affected by a divorce. Following a divorce, individuals will not be allowed to take advantage of joint filing status. Additionally, if an individual gives up their property, they will no longer be able to benefit from homeownership tax breaks. Understanding tax implications can help people plan for their post-marriage future.
Filing for divorce often means major changes in someone’s life. In addition to the fact that many people will go from living on two incomes to one, individuals will also have to come to agreements about dividing assets and, if they have children, topics related to custody and visitation. A lawyer could explain to someone how the law decides these matters and provide in-court representation.
