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.
Wisconsin residents who have a loved one with a disability may consider a special needs trust to assist with their financial needs. The trust can be used to enhance any government benefits that special needs individuals receive. When it is drafted properly, a special needs trust will not interfere with an individual's eligibility for government benefits.
Recently divorced Wisconsin residents might have questions about how to get their financial life under control now that their divorce proceedings have been finalized. Here are some tips to bring order and control back to a divorced individual's financial life.
People in Wisconsin who are getting a divorce might want to make a list to help identify priorities. That list can be divided into needs, wants and things the person is willing to let go. An individual should also think about what might be on a similar list made by his or her spouse. This can help someone prepare for either divorce negotiations or litigation.
Some political commentators allege that single parents in Wisconsin and the rest of the country are receiving excessive amounts of child support. However, according to the figures provided in the Custodial Mothers and Fathers and Their Child Support report, this is not the case.
There are a number of benefits to establishing paternity in Wisconsin. While the child benefits from the financial support the birth father provides, the father benefits from being able to have a legally-recognized relationship with the child. Paternity can be voluntarily or involuntarily established.