A separation agreement is a formal agreement between husband and wife. A separation agreement usually contains, among others, the following provisions:
" If there are children, how much child support is to be paid and the terms of payment.
" A visitation schedule.
" How much alimony (if any) is to be paid.
" Responsibility for the joint bills.
" Who will remain in the marital residence and who will pay for its upkeep.
" How to split any tax refund and tax deductions.
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Ordinarily, remarriage alone is not enough to change a child support order. The reason is that your new spouse doesn't have an obligation to support your children from a prior relationship. That holds true in Wisconsin.
How to Handle Your Finances During a Legal Separation Have tough financial discussions. Understand your financial picture. Keep accurate records. Open new, separate accounts. Pay joint debts. Think about retirement accounts and insurance.
Here's what you should not do during a separation. Letting others influence you. When you and your spouse decide to separate, consider keeping this information private. ... Moving out. ... Jumping into a new relationship. ... Making rash decisions. ... Punishing your spouse.
How to Handle Your Finances During a Legal Separation Have tough financial discussions. Understand your financial picture. Keep accurate records. Open new, separate accounts. Pay joint debts. Think about retirement accounts and insurance.
Financial status quo refers to the standard of living that you and your spouse maintained during marriage. When you're getting divorced, you have a right to this standard until your marriage is officially dissolved. Your basic expenses should be covered, and you should retain access to all shared accounts.
The first and easiest step toward separating your finances is to establish separate bank accounts and credit cards. This keeps your income and debt separate from this point forward. Account division is based on the percentage deemed fair by the couple, whether it's based on earned income or individual responsibility.
With joint custody, child support can still be ordered. If one parent has more placement than the other, child support is more likely to be ordered. For example, if a parent has less than 25% placement, that parent will likely need to pay the other parent a percentage of their income.
Things You Should Not Do During Legal Separation Do Not Move Out of Your Family Home. ... Do Not Rush into a New Relationship. ... Do Not Deny Your Partner the Right to Co-Parenting. ... Do Not Involve Your Family Members and Friends in Your Separation Process. ... Do Not Sign Any Documents Without the Consent of Your Lawyer.
