How to Prepare for Divorce in Wisconsin
If you are considering divorce, you do not need to have every financial document organized or every decision made before speaking with an attorney.
It can be helpful, however, to begin developing an accurate picture of your family’s finances.
Start With the Financial Picture
Useful financial information may include:
- Income and compensation
- Bank and investment accounts
- Retirement assets
- Real estate
- Mortgages and other debts
- Tax returns
- Business interests
- Insurance
- Employment benefits
- Significant inherited or gifted property
The goal is not necessarily to assemble everything immediately. It is to begin understanding what the family owns, what it owes, where income comes from and which financial issues may require closer attention.
Businesses and Complex Finances May Require More Preparation
For business owners, executives, physicians and other professionals, the financial picture may be more complicated.
A business or professional practice may be both a significant marital asset and a source of income. Compensation may include bonuses, commissions or other forms of variable income. Retirement plans, investments, real estate holdings and inherited or gifted assets may also require additional analysis.
Identifying these issues early can help determine what information may be needed and whether accountants, business valuation professionals, appraisers or other financial experts should become involved.
Think Beyond the Immediate Decisions
Divorce involves immediate concerns, but many of the decisions made during the process can have financial and personal consequences for years to come.
Before agreeing to a proposed resolution, it is important to understand not only what you may receive or give up, but also the practical consequences of the agreement.
Start by Understanding the Issues
Preparing for divorce does not mean deciding in advance what the final outcome should be.
It means beginning with an accurate understanding of your circumstances so you and your attorney can identify the issues that matter, evaluate your options and determine an appropriate approach.
Beacon Family Law represents clients in Appleton, the Fox Valley and surrounding Wisconsin communities in divorce and legal separation matters, including cases involving businesses, professional practices, substantial assets and other complex financial issues.
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