Property division during a divorce can be a difficult and emotional process, as it’s common for both parties to feel they should have a greater share of the marital estate. For instance, when a party opens a business or contributes wages to a retirement account, they may feel it’s unfair to have to share the asset with an ex-spouse. A divorce lawyer in Milwaukee, WI may be able to help a client protect their share of marital property, and they can offer tips like the ones listed below.
Practice Full Disclosure
One of the best things a client can do may seem counterintuitive to some: fully disclosing all assets to the court and to the other party when required to do so. If someone is caught trying to conceal assets, they may face contempt of court penalties and even jail time. Even if the concealment is successful, the party may lose part or all of the asset if the deception is discovered later. A person’s credibility is one of their most important courtroom assets, and it’s not worth losing it by trying to hide property.
Keep All Documents
If someone has inherited money or owned financial accounts before the marriage, they may be able to safeguard these assets during the divorce. However, the client is responsible for proving these assets should be kept separate. A divorce lawyer in Milwaukee, WI can help clients go through their papers to find proof such as inheritance documents and account statements. Tangible items are simpler to trace, as it’s easier to show where and when the asset was obtained.
Be Ready for Negotiation
If someone has an asset they want to retain, they should be ready to negotiate with the other party and their attorney. Retirement accounts are a common example. Oftentimes, one spouse will give up their equity in the marital residence for a bigger portion of the retirement account. However, before one agrees to an arrangement like this, they should talk to an attorney to ensure they’re considering all the consequences.
The most vital thing for clients to remember is that the family courts see marital assets as belonging to both sides and, as such, they look for an equitable division of the property. Get more information by calling the office or visiting the firm’s website.
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