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.
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.
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.
Student loan debt is a major financial burden for many people in Wisconsin, especially as the cost of college attendance continues to rise. For many people, student loan debt may cause them to put off marriage, buying a home or having children. Others who are married with student loan debt may be concerned about how a divorce will affect their debt burden. The financial impact of divorce can be significant, as marital assets and liabilities are divided between the couple. The long-term effects of a divorce can linger even after the emotional issues have been settled.
The U.S. Department of Agriculture wants to help single parents in Wisconsin and other states get the assistance they need by encouraging states to use child support cooperation requirements as a helpful tool. The agency sent a memo to the director of each state's Supplemental Nutrition Assistance Program, or SNAP, to require custodial and non-custodial parents applying for benefits to submit details from their child support agreements as part of the process.
Not all married partners in Wisconsin are equally familiar with family finances. If divorce is inevitable, it can be important for these spouses to gather certain financial documents. This will help ensure that they fully understand their finances and the effects that divorce will have.
Wisconsin residents who are required to pay alimony or child support should not try to manipulate their income to get their payments lowered. Courts generally look closely at all sources of compensation as well as lifestyle. However, the payor may want to take certain favorable measures. For example, if the person expects a large one-time bonus in the year ahead, it may be a good idea to complete the divorce beforehand.
In Wisconsin and elsewhere, women are earning more than their spouses at a greater rate than in the past. Nationally, women earn at least the same income as their spouses in nearly 38% of marriages. The change in the traditional breadwinner scenario is not a problem for most marriages in which it occurs, but for others, when the wife out-earns her husband, marital discord can ensue.
Family law disputes in Wisconsin are rarely easy. One issue that is particularly concerning is child support. Parents will often have questions about various aspects of their case, including whether post-decree modifications are possible and whether there are tax considerations.
While mothers in Wisconsin and other parts of the country are still likely to get more time with their kids in the event of a divorce, dads are no longer being kept out of the parenting loop. Over the years, the tendency to side with the mother has shifted to the point where more courts are encouraging divorcing parents to share parenting duties instead of automatically opting for sole custody.