Divorce will inevitably bring about significant changes to virtually every area of your life. This includes your finances. Like many others who are facing the end of their marriages, you may want to know what you can do to protect your financial interests and secure a strong future. One thing you can do to accomplish this is to keep your focus on a strong future.
The choices you make during your divorce will impact you for years to come. While it's perfectly reasonable to acknowledge the strong emotions that frequently accompany divorce, it's also in your interests not to allow your feelings to be the driving force behind the decisions you make and the terms you agree to. Failure to fully consider the long-term implications of your choices can lead to unpleasant surprises in your future.
Things that may catch you by surprise
In the moment, things like keeping the family home or agreeing to a specific financial agreement may seem like a good idea. The issue with a short-sighted perspective is that it can lead to financial issues well into the future. Some people find themselves in precarious financial positions after divorce because they did not consider the long-term implications. Some of these common mistakes include:
- Failing to consider how taxes may change after divorce and the tax burden of retaining certain assets on a single income
- Failing to decide or plan how parents will pay for specific things the kids may need, such as college savings, even they are far off in the future
- Failing to find out about potential hidden assets, separating joint accounts or insisting on a fair division of debt accumulated during the marriage
These are all things that can cause a tremendous amount of strain on your post-divorce finances. You will find it beneficial to be thorough and diligent regarding the final terms that you agree to or what you fight for in court. There is a lot at stake.
Your goal for your post-divorce future is to secure financial stability well into the future. It may help you to discuss your specific goals with an experienced Wisconsin family law attorney who can help you understand your legal options and advocate on your behalf, whether through negotiations or litigation. While there is a lot on the line, you do not have to navigate these sensitive or complex issues on your own.