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Tips for preparing for a divorce

People in Wisconsin who are getting a divorce might want to make a list to help identify priorities. That list can be divided into needs, wants and things the person is willing to let go. An individual should also think about what might be on a similar list made by his or her spouse. This can help someone prepare for either divorce negotiations or litigation.

While both marriage and divorce have strong emotional components, they are also about creating and dissolving a legal contract. Therefore, a person should try to separate strong emotions from the divorce process. Understanding federal and state law can help someone prepare for how the process of property division and deciding child custody might proceed.

Getting financial documents in order is one way to prepare for property division. A person might also want to order a credit report. At some point in the divorce proceedings, people will need to provide a full account of all finances. Some people may also want to assemble a team of professionals that includes legal and financial professionals. While loved ones may offer emotional support, they might not always offer accurate legal and financial advice. Finally, it is important that the divorce agreement is clear, specific and legally enforceable. For example, it needs to address specifics in terms of how assets are retitled and debts are distributed.

It is important for people to protect their financial interests in a divorce because afterward, people often suffer a drop in their standard of living. Working with an attorney may help a person develop a strategy for going into divorce negotiations or litigation. People should keep in mind that if they keep some assets, such as a home, there are expenses associated with them. Other assets, such as some pensions, may require additional paperwork to avoid taxes or penalties if they are split.

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