When is the right financial time to file for divorce?

When is the right financial time to file for divorce?

On Behalf of | Dec 4, 2020 | Divorce |

If you are thinking about ending your marriage, you may be ready to file for divorce as soon as possible. Still, some financial factors may affect your divorce timeline. That is, from an economic standpoint, certain times may be better for pursuing divorce than others.

Because Wisconsin is a community property jurisdiction, you should receive about half of everything you and your spouse jointly own. Nevertheless, before filing for divorce, you may want to consider the following money-related matters.

Your children

The cost of raising kids may vary wildly depending on their ages and needs. Of course, the age of your children may have some effect on whether you receive or must pay child support. When you choose to divorce may also affect other matters, such as your children’s eligibility for financial aid to attend college.

The housing market

You probably have some options for dealing with your home as part of your divorce. If you and your soon-to-be ex-spouse plan to sell the house, the real estate market may dictate how much profit you realize or how quickly the property sells.

Consequently, filing for divorce during a hot housing market may make better sense than doing so during a downturn.

Your credit score

Having a good credit score is essential for purchasing a home and securing other types of financing. If your credit is not in good shape, you may want to work on improving it before filing for divorce. That is, you probably want a decent score to help you begin your post-divorce life.

Additionally, to be sure your divorce does not take a negative toll on your personal creditworthiness, you should carefully divide debt and move accounts into your own name as part of your divorce.