In this episode:
00:00 – 03:57: Intro and Documents to Gather Before Filing
03:58 – 10:55: The Importance of Legal Representation
10:56 – 20:34: Financial Disclosure Statements and Marital Debt
20:35 – 24:30: Professional Guidance After the Divorce
24:31 – 26:52: Final Tips and Preview of Navigating Divorce Part 2
In this episode, host and SVP Wealth Fiduciary Advisor, Kelly Mould, sits down with VP Wealth and Estate Administrator, Liz Pfeuffer, who spent years as a court commissioner presiding over divorce cases. Together, they cut through the confusion and walk through exactly what to do (and what not to do) when navigating the financial side of a divorce. From the documents you need to pull together before you file to how to build the right financial team as you start fresh, this conversation is the one you should listen to before walking into the courtroom.
5 Key Takeaways
1. Understand your financials before you file
Having a firm grasp on where things stand financially, before any paperwork is filed, is non-negotiable. That means pulling together 3-5 years worth of financial documents. This step matters because once proceedings officially begin, accessing these records becomes significantly more complicated.
2. Getting the right guidance sets you up for success
Maintenance (alimony), asset division and child support aren't temporary arrangements — these are long-term financial commitments with lasting consequences. Approaching those decisions with proper support means you can make them with confidence rather than guesswork. A qualified family law attorney with knowledge of the jurisdiction can advocate for you and help clarify the options available.
3. The financial disclosure statement is a genuine asset — treat it like one
Every divorce requires a financial disclosure statement and a thorough one is among the most powerful tools in the process. This detailed document, typically seven or more pages, covers every asset, liability, expense, paycheck deduction and household budget line. The more complete it is, the stronger the position. Filing on time (within 90 days) and completing it fully gives the court everything it needs to issue fair, well-informed orders.
4. Understanding martial debt now means fewer surprises later
In Wisconsin, marriage means shared responsibility for everything, including debt, even when it's held solely in a spouse's name. The part that surprises most people? Creditors are not parties to the divorce. A credit card company or mortgage lender won't honor a court order instructing a spouse to pay and they will contact whoever is on the account if payment doesn't arrive. However, the fix is straightforward: Build clear refinancing requirements into the settlement agreement.
5. Starting fresh requires the right financial team
A divorce isn’t starting over, it’s starting fresh. And doing that well requires getting the right financial team. If you and your spouse have been working with the same financial advisor, understand that advisor now has a conflict of interest — your goals have diverged and they can’t serve both of you well. A Certified Divorce Financial Analyst (CDFA) specializes in exactly this kind of transition. They bring a clear-eyed understanding of the tax implications of splitting retirement accounts, how to evaluate assets at their true post-tax value and how to build a financial foundation that holds up on the other side.
Commonly Asked Divorce Questions
1.What financial documents do I need before filing for divorce?
Gather at least 3-5 years of tax returns, bank statements, property titles and retirement account records before filing to ensure full transparency and avoid legal hurdles later.
2. What is a financial disclosure statement in a divorce?
This mandatory 7+ page document details every asset and liability you hold; treating it as a strategic asset under oath strengthens your legal position and ensures a fair division.
3. How is marital debt handled in a divorce?
In community property states like Wisconsin, debt is a shared responsibility. Since creditors aren't parties to the divorce, you must build clear refinancing requirements into your settlement.
Divorce can feel overwhelming but the financial side of it doesn’t have to be. Connect with an advisor to get personalized advice and stay tuned for the second episode of our Navigating Divorce series, coming soon.
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