Things to Steer Clear of When Getting a Divorce Pt. 2

This is part two in a three part series on things to steer clear of when getting a divorce. The previous article highlighted the importance of making decisions on your own without worrying too much about the opinions of your lawyer, accountant, family, and friends. This is not to say their opinions are too valuable. It is more of a point that you should have the final say in your divorce.

The second part of this series on things to steer clear of will focus more on the division of assets and finances.
During a divorce proceeding during a divorce, the first thing lawyers will insist on as a discovery process. During this stage, lawyers from either your party, your spouse’s party, or both of you have agreed to share documents and any relevant information that could aid the case of either or both parties. In the discovery process it is not uncommon for documents such as statements of finances or years of nine years of tax returns being brought into the open. In the discovery process, all of the attorneys can interview both parties under oath. What this means is that for every minute that turns into an hour that your lawyer is working, you’ll have to continue to pay their wages.

Do yourself and your spouse in favor: be cooperative during the divorce process by willingly sharing information between both attorneys. Trust us, this is much cheaper then having a lawyer spending their time digging through documents and reviewing them.

Creating an inventory is a must before splitting up the assets. You want to know what items you have before splitting them down the middle with your spouse. In Milwaukee (and all of Wisconsin for that matter) both husband and wife will get an almost 50/50 split of everything. Below is a list of what is the bare minimum to have in your inventory. In regard to these items, you should also try your best to provide: brief summary of the item(s), what date the item(s) was obtained, how much money was spent initially on item(s), and what the item is presently valued at. Now on to the list:

• Property or real estate that you own or jointly own with spouse
• Cars and automobiles leased or owned
• Items retaining substantial sentimental or financial value
• Checking, saving, or any accounts where cash is stored and interest may accrue
• 401k or any other retirement fund or account
• Stocks or mutual funds
• If a business is owned by you, spouse, or jointly that should be inventoried
• Any taxes possibly outstanding or refunds that have not arrived
• Loans of the student, credit card, mortgage, or other variety

This is the end of part two of a three part series on things to steer clear of when getting a divorce. Below are links to the other articles in the series.

Things to Steer Clear of When Getting a Divorce: Part 1
Things to Steer Clear of When Getting a Divorce: Part 2
Things to Steer Clear of When Getting a Divorce: Part 3