Married couples in Wisconsin tend to do better when they share similar values related to money. According to an Experian survey in 2017, 59 percent of respondents said that financial issues played some role in their marriages coming to an end. Furthermore, 26 percent said that their spouse's credit score strained their relationships to some degree.
Not all parents in Wisconsin may be able to create a healthy co-parenting relationship after a divorce. While maintaining positive communication is ideal, there might simply be too many negative feelings for parents to move forward in a cooperative manner. However, parents can share custody, or one might have visitation rights. The goal is to keep parental conflict to a minimum as this can be emotionally damaging to the kids.
Newly divorced individuals may be able to save money on their taxes by filing for the head of household deduction. This is a status that is often negotiated in divorce settlements along with who has custody of the children and who takes possession of marital property.
In some Wisconsin divorces, estranged spouses might decide that one of them should keep the marital home. On the surface, this might seem like a straightforward decision, but both parties need to consider carefully multiple factors because owning the home and paying its mortgage could result in financial stress and hidden liabilities.
For people facing divorce in Wisconsin and elsewhere in the United States, many questions abound regarding the best ways to navigate the situation from a financial standpoint. There are a number factors that play into how financial assets are divided during a divorce proceeding, including the amount of time spent married, the balance of income and whether any financial agreements were entered into jointly.
The 2017 passage of the Tax Cuts and Jobs Act by Congress means that the cost of divorce may rise for some couples in Wisconsin. The act changes how people claim children on their taxes and eliminates alimony from tax considerations altogether.
Wisconsin parents who are negotiating custody or placement will also need to figure out child support payments. The process to figure both of these important aspects of life after divorce is complex and can become even more so if animosity arises. In fact, some experts believe that child support payments should not even exist when parents equally split custody since support exists to cover a child's needs not to equalize income or lifestyle.
Married couples in Wisconsin and elsewhere are 75 percent more likely to divorce if they have friends who have divorced, according to a study conducted by researchers at Brown University, Harvard University and the University of California, San Diego. It additionally found that people are 33 percent more likely to divorce if they know a friend of a friend who has gotten divorced.
Some Wisconsin motorists may assume that the worst day of the year for traffic fatalities is during the icy winter or on a popular travel holiday. According to research, however, the deadliest day falls in the middle of summer. Experts give various explanations for this finding.
Fewer young people in Wisconsin see marriage as a life goal, but when they do, they are more likely to pursue a prenuptial agreement in advance. The American Academy of Matrimonial Lawyers reported that 18- to 34-year-olds are particularly likely to seek a prenup before tying the knot. While the recent increase in millennial prenups is a current trend, it reflects the ongoing popularity of these types of agreements. Over the previous 20 years, the frequency of prenuptial agreements has multiplied five times over.