Divorce is one of the most challenging experiences that can profoundly impact your life and those around you.
The number of married people dissolving their unions has been on a downward trend over the last few years but rose slightly in 2022. If you are considering divorce, it is essential to understand the factors you must consider for a smoother process and prepare more effectively for the changes ahead.
Child custody arrangements
If you have a child with your soon-to-be ex-spouse, deciding on your plans for child custody and support arrangements will be your top priority.
Settling custodial matters can be contentious and will be heavily scrutinized to ensure that every decision is in the child’s best interest. While arranging custody, you must thoroughly consider various matters, even specific details like vacation plans, holidays and parental time.
Division of marital assets
Asset division can be one of the most overwhelming and emotionally taxing aspects of a divorce. Start by creating a list of all marital assets, including property, investments and retirement accounts.
Wisconsin adheres to a community property distribution model, which means all marital property and assets are divided evenly in the event of separation. Knowing which assets fall into your conjugal properties ensures a fair distribution.
Financial wellness is crucial, so having a clear picture of your financial standing can help you prepare for the changes ahead.
Spousal support
Not every divorce ends with established arrangements for alimony or spousal support. Whether alimony will be granted in your divorce depends on multiple factors, including the length of the marriage, your and your spouse’s financial situation and the contributions you have made throughout your life together.
Divorce can be financially and emotionally draining, so surrounding yourself with friends and loved ones can help you get through this challenging time. It may also be beneficial to seek the advice of an attorney to help with legal matters. Understanding the legal considerations and your end goals can help you make informed decisions that will help you better position yourself for life after the separation.