After Wisconsin couples negotiate a divorce settlement and the agreement is finalized in the decree, they may feel like they are ready to move forward. However, while reaching an agreement on property division and other key financial and practical issues can be a challenge, the actual separation of assets is not accomplished through finalizing the divorce. Instead, each party will need to take action on a series of administrative tasks to ensure that the agreement is actually implemented.
One of the most important tasks can be to address issues related to the marital home. If one spouse is going to remain in the home, the other spouse will need to sign away his or her interest through a quitclaim deed. At the same time, it is important that the remaining spouse refinance any remaining mortgage in his or her name. Both of these matters should be handled simultaneously when possible. Other property may also need to be retitled, such as motor vehicles.
There are also a number of insurance issues to address after a divorce is finalized. Auto insurance will need to remain in the name of the spouse keeping the vehicle. In addition, one spouse often maintains medical insurance for both partners. After the divorce, that party will need to report the change of circumstances. In addition, the other party will need to sign up for new health insurance; divorce is treated as a qualifying life event to allow people to enroll at any time.
A divorce can be a complex experience on emotional and financial levels. By working with a family law attorney, a divorcing spouse can receive advice and guidance throughout the process with property division, spousal support, and other key issues.