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Maintain strong finances in divorce proceedings

Researchers from a university in another state have reported that marriages tend to break up on a seasonal basis. After reviewing 14 years of divorce filings, they found that March and August tended to be the months where the highest numbers occurred. No matter what month Wyoming divorce proceedings begin, a personal finance website recently recommended some tips to help those people who have never dealt with finances alone before.

Experts suggest to address issues individually so that they don't become overwhelming. A major goal is to protect credit scores. Any joint debt or expenses should be paid until the divorce is final. On-time payment history is critical to maintaining a high credit score as both parties in the divorce would be negatively impacted if payments were missed. This could definitely impact future ability to get credit.

The website advises to make a detailed inventory list of any shared assets. In order to do a fair division of property, both parties need to understand what assets will be addressed. Wisconsin is an equitable distribution state, so both parties will work toward determining a fair division of property throughout the divorce process.

Another suggestion is to fully understand the impact of retirement accounts. Often, a qualified domestic relations order is provided that could have a future financial impact. Finally, it is wise to update the beneficiaries list of any retirement or life insurance accounts.

Going through a Wyoming divorce is a stressful time, but it is critical to protect one's financial position. It would be beneficial to seek the guidance of an experienced divorce attorney familiar with these financial implications. A dedicated lawyer is an advocate for their clients who will diligently work to achieve the best outcome in the divorce proceedings.

Source: startribune.com, "Don't let divorce season upend your finances", Kevin Voigt, April 1, 2017

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Zubrod Law Office, P.C.
219 East 18th Street
Cheyenne, WY 82001

Phone: 800-801-0989
Fax: 307-778-8225
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