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July 2019 Archives

Social media content can be damaging in divorce cases

Most Wisconsin residents have at least one active social media account and many have several. Online platforms like Twitter, Facebook and Instagram allow people to stay in touch with friends, colleagues and family members, but they can also provide divorcing spouses with material that can be used in both property division negotiations and family court. Spouses who post disparaging comments about their soon-to-be ex husbands or wives should bear in mind that this information can sometimes be retrieved even if it was subsequently deleted.

Choosing a trust as an IRA beneficiary

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.

Debt can cause stress in a marriage

Couples in Wisconsin and throughout the country who went into debt to pay for a wedding are more likely to get divorced. This is according to a survey from LendingTree that included 506 people between the ages of 18 and 53 who were married in the past two years. It found that 45% of married couples went into debt to pay for their wedding. Of those who took out loans to pay for wedding expenses, 47% thought about getting divorced because of financial issues.

Remarrying couples may wish to consider prenups

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.

States vary widely in child support formulas

Single parents in Wisconsin may be surprised to learn that child support payments amounts vary significantly by state. According to one study conducted by Custody X Change, an app that helps divorced or separated parents deal with custody arrangements, child support formulas were found to produce widely different results from state to state. The researchers used the same information about family size, parental income and child age for each state and produced sample support amounts that ranged from $400 at the lowest to $1,187 at the highest.

How you can pursue a strong financial future after your divorce

Divorce will inevitably bring about significant changes to virtually every area of your life. This includes your finances. Like many others who are facing the end of their marriages, you may want to know what you can do to protect your financial interests and secure a strong future. One thing you can do to accomplish this is to keep your focus on a strong future.

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