Waukesha Law Blog

Spouses in Wisconsin who are ending a marriage should make a post-divorce budget. This can be particularly important for a partner who has not been very involved in the family finances. They should also think about how they will pay for the divorce and keep costs down.

Couples will need to divide both assets and debts. This can be a complex process. For example, they'll want to consider how much liquidity they require in their assets and what the tax implications might be of keeping certain assets. Some assets may be worth less than they appear to be once taxes are accounted for. Keeping the home may require special consideration since it should be refinanced to take one spouse's name off the mortgage. Owning a home also requires a certain amount of cash flow, and this may not be feasible in some cases. If there are children, the parents may want to discuss support obligations as well as how they are going to pay for college education.

Starting a business is an exciting time for a Wisconsin entrepreneur. During this stage of your business career, you will have to make many important choices that will affect the future of your company. This includes choosing the most appropriate type of business entity, or structure, for your company.

This is a significant choice that will impact your operations for years to come. It is not a decision to take lightly, and you will benefit from doing the research necessary to ensure that you make the right choice. There are certain factors to consider, including the type of business you have, your goals for the future and more. Business owners often find it beneficial to speak about their concerns with an attorney before moving forward with a choice of entity.

For some people in Wisconsin, using a trust can offer certain estate planning advantages. The estate owner will maintain a higher level of control over their assets and be able to dispense funds responsibly to beneficiaries. Trusts also make it easier to pass on significant amounts of money to minor children in a controlled manner. Because items handled through a trust do not go through the probate system, the allocation process is more private and protected.

At the same time, many people turn to individual retirement accounts (IRAs) to save for their elder years. IRAs can accumulate significant sums over the years, so much that there may be substantial amounts to plan for in case the account holder passes away. When setting up an IRA, a person can name a beneficiary of the account to receive the funds in case of death. A married person may want to choose their spouse, who will be able to roll over the IRA into their own account without a tax penalty.

When people in Wisconsin decide to marry again after divorce, they may feel as if they have learned many lessons from their previous experiences. Indeed, 40% of all marriages involve partners who have been married at least once in the past. While these lessons may help people avoid mistakes that were problematic in prior relationships, it may be particularly important to keep close track of issues related to finances. For example, older couples may be concerned about the future of their retirement accounts. According to one study, over 66% of people aged 55 to 64 who were previously married have since remarried.

Later marriages often involve two people with more significant assets, a phenomenon that is particularly true for older couples. In addition, there may be ongoing financial obligations linked to each person's first marriage. Many people who remarry later in life also have children, and people may want to ensure that their kids are protected later on in life. Prenuptial agreements are often considered unromantic, but they can be especially important for people in these circumstances. Not only do they provide a plan in case of divorce, but they also provide a basis for estate planning decisions.