The divorce rate for individuals 50 and older has gone up in recent decades even as divorce rates overall have dropped. While any adult can have an IRA, older individuals in Wisconsin and throughout the country are more likely to have them. Therefore, it is important to understand that an IRA can be split in a divorce and that there is a process that needs to be followed to do so. That process may be more complicated if a person is taking 72(t) distributions.
When parents in Wisconsin get a divorce, they need to come up with a good estimate of child-related expenses. This can be important in determining child support obligations. Unfortunately, people often forget about many of these expenses, particularly when trying to recollect their children's schedules and other information during the stress of a divorce.
Married people in Wisconsin may take advantage of no-fault divorce laws, which grant either spouse the ability to end a marriage. Although divorce typically represents a challenging time in people's lives, a data researcher at the U.S. Census Bureau has brought attention to a study that identified a link between access to divorce and positive societal benefits. In 2004, the country of Chile legalized divorce and created a chance for researchers to study the results of the law change.
There may be good reasons for a Wisconsin couple to create a prenuptial agreement. It can protect both of them financially in case of a divorce, but it is important that they both participate in its creation and that it is fair to both of them.
Finances may be the last thing that Wisconsin couples want to discuss after getting engaged. However, discussing financial matters will ensure that they are on the same page if issues arise during their marriage or in case of a divorce. A prenuptial agreement will protect both parties and save them a lot of frustration and expense.
Many Wisconsin couples begin marriage with the concept that it's a 50-50 proposition. Most soon learn the give and take and perhaps seeming inequity in living together. Those who decide they would be better off apart and seek a divorce look to the laws of the state and the family court system for a level playing field to divide the marital property equally and begin their new lives fairly. Although the courts do what they can, women often face greater financial challenges post-divorce than men do.
Over the years, many people in Wisconsin have pushed aside the notion of a prenuptial agreement. They may think that prenups are solely a matter for extremely wealthy people or celebrities, or they consider that it is bad luck to plan for a divorce before a marriage. However, while marriage is a romantic affair, it is also a complex legal and financial process. By marrying, people establish a set of legal obligations and rights to one another, and their marital property will be divided in case of a divorce. With many more people choosing to marry after they have already established careers, bought real estate or developed their investments, prenups are becoming a viable solution for a larger number of people.
Some people are dealing with a difficult ex-spouse who brings unwanted drama, bad mouthing, manipulation and false accusations to the table every time discussions about the children need to take place. Wisconsin residents who are dealing with a toxic co-parent may be interested in learning about some ways that they can maintain their sanity while they look out for the best interests of their children.
It isn't uncommon for a parent to live or work in one city or state while their children live in another. However, parents who reside in Wisconsin or any other state may be able to take steps to stay in their children's lives regardless of the distance between them. For instance, parents can schedule regular phone calls or video chats to stay in touch with their kids. It is also a good idea to call or text at random intervals to help a child feel loved and appreciated.
Divorce is an event that can impact every area of a person's life. It can be taxing in terms of mental energy, emotional turmoil and financial expenditures. For couples in Wisconsin who are considering divorce, one area to think about is the impact that divorce will have on retirement plans. It could make it difficult to retire until later than planned, raise custody issues in cases where kids are involved and complicate Social Security payments.