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Posted on in Divorce

Waukesha County family law firmMilwaukee divorce attorney for retirement plansBy Attorney Max Stephenson and Paralegal Courtney Hess

Like all other types of marital property, retirement accounts are included in the equal division of assets in a Wisconsin divorce. This often means that those who expected to rely on their spouse’s contributions, or at least combined contributions from both spouses, to fund their retirement will face the difficult prospect of adjusting their retirement plans to account for their new circumstances. However, it is possible to recover from the effects of your divorce with some smart decision-making and strategic planning.

Dividing Retirement Accounts Correctly

One of the best ways to prevent your divorce from having an outsize effect on your retirement is to think carefully about how you will divide the assets in your retirement accounts. If you and your spouse are negotiating the division of property, you may be able to reach an agreement in which each spouse retains the full amount of any retirement account in his or her name, while offsetting differences in value with other assets as necessary. 

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Milwaukee divorce attorney for holiday child custodyBy Attorney Max Stephenson

Sharing physical custody of your children after a divorce can be a challenge throughout the year, but it is often especially difficult during the winter holidays. This year may be more difficult than ever as you balance your desire to spend time with family with the need to stay safe during the COVID-19 pandemic. In this year and others, it is important that you and your children’s other parent have a plan to co-parent effectively during the holiday season.

Suggestions for Holiday Co-Parenting

If you consider the following suggestions, you may be able to take some stress out of co-parenting both during this holiday season and in years to come:

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Waukesha County family law firmMilwaukee child support lawyerBy Attorney Max Stephenson and Family Law Paralegal Courtney Hess

As a parent, it is important for you to know that your children will continue to have a good life after your divorce. In part, this means making sure they will have the financial support that they need from both parents. Wisconsin law ensures that this is the case by including a child support order in any divorce involving minor children. Even so, it is reasonable to have questions and concerns about how the support order can affect you and your children. Understanding how child support payments are calculated can help to alleviate some of these concerns.

Child Custody and Support Calculations

The way child support is calculated in Wisconsin depends in part on the placement arrangement determined in the divorce resolution. If one parent is awarded primary placement  (meaning the other parent has less than 92 overnights per year), the other parent will usually be obligated to pay child support based on a percentage of his or her gross income, depending on the number of children for whom support will be paid. For example, the parent who does not have primary placement can be ordered to pay 17 percent of his or her gross income for one child, 25 percent for two children, and up to 34 percent for five children or more.

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Milwaukee divorce lawyer for spousal maintenance modificationBy Attorney Max Stephenson

During a Wisconsin divorce, the court may decide to award spousal maintenance or alimony payments if one of the parties has a substantial need for support or if there is a significant difference in the income, assets, or earning capacity of the two spouses. However, a person’s financial situation is ever-changing, and in the months and years following a divorce, the original reasons for granting maintenance may no longer apply. If this has happened to you, you may be able to obtain a modification to your spousal support order.

Reasons for a Post-Divorce Modification of Spousal Support

As bothersome as you may find it to pay spousal support after your divorce, you cannot seek a modification simply because you no longer wish to pay. Rather, in order for your petition for modification to succeed, you will need to demonstrate a substantial change in circumstances. Any of the following could constitute a valid reason for pursuing a modification:

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Milwaukee, WI asset division attorneysBy Attorney Max Stephenson

Dividing marital property can be one of the most difficult parts of a divorce, not only because you and your spouse may both have strong personal feelings about many of your possessions, but also because you each need sufficient assets to support yourself after the divorce. As you prepare for your divorce, you should take note of some of the assets and properties that often cause conflict so that you can make a plan to address each one.

How Is Property Divided in a Wisconsin Divorce?

In Wisconsin, divorcing couples are required to divide all marital property, which generally includes anything acquired by either spouse during the marriage except in the case of a gift, inheritance, or benefit related to someone else’s death. Wisconsin also has a baseline requirement that marital property be divided equally between both spouses, meaning a 50/50 split, although this can sometimes be adjusted based on factors including the length of the marriage, each spouse’s contributions to the marriage, and each spouse’s earning capacity and financial needs.

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