D'Angelo & Grabow, LLP2024-03-17T12:34:19Zhttps://www.dangelograbow.com/feed/atom/WordPress/wp-content/uploads/sites/1503724/2023/09/cropped-D-Angelo-Grabow-fav-32x32.pngOn Behalf of D'Angelo & Grabow, LLPhttps://www.dangelograbow.com/?p=465892024-03-11T17:19:11Z2024-03-16T17:12:58ZProtecting the company's operations
Sometimes, disputes about valuable marital property can lead to highly unfavorable outcomes. Someone might need to liquidate business resources as a means of compensating their spouse. Therefore, business owners often need to look carefully at the circumstances to determine how much of the business's value could be at risk and to strategize to protect the organization so that it remains solvent throughout and after the divorce.
Ensuring financial transparency
People often think of businesses as an easy way of hiding assets or capital. Therefore, it is of the utmost importance that business owners be as transparent and honest as possible when making disclosures about their business. From accurate information about projected revenue to realistic values for business resources affected by depreciation and use, there are many details that can cause conflict and lead to suspicion during divorces involving a business.
Avoiding the double dip
Oftentimes, the business valuation process involves looking at the future revenue a company might generate. A spouse may then point to that revenue as a source of income and then request alimony or spousal maintenance. This double-dip into future business income can put a business owner at a disadvantage. Properly accounting for future business revenue and personal income when addressing support and property division matters is of the utmost importance.
Business owners often need the help of an experienced legal professional. Preparing thoroughly can make a major difference for those hoping to preserve their investment in a company as they prepare for divorce.]]>On Behalf of D'Angelo & Grabow, LLPhttps://www.dangelograbow.com/?p=465882024-03-11T17:05:34Z2024-03-11T17:05:34ZSecuring accurate financial records
Technically, spouses have an obligation to disclose financial information to one another during divorce proceedings. Still, some people refuse to provide records. Others may intentionally alter financial documents or withhold key details from their spouses during a divorce. They do so with the goal of depriving their spouse of their fair share of the marital estate. Obtaining personal copies of income statements, tax returns, financial account records and other key records can set someone up for more successful negotiations. Compiling a personal inventory of assets before a spouse removes anything from the marital home can also be useful.
Cleaning up social media
People often post comments, photos, videos and memes online to a massive digital audience without any consideration of how that activity could affect them in the future. Someone's social media conduct can have a major impact on divorce proceedings. Before someone files for divorce, they may want to start removing older, questionable posts and eliminating certain people from their friends lists. Developing better social media habits can decrease someone's risks of surprising and negative divorce outcomes.
Learning about the process
People often rush into divorce without understanding what to expect. They might set highly unrealistic goals and waste time focusing on terms that are frankly unachievable. Understanding state law about property division, child custody and financial support matters can help someone know what they can expect during and after divorce. As a final note, having proper legal representation can make a major overall difference to those preparing for a divorce. An attorney can help someone identify issues that could affect the outcome of their divorce and can help them strategize for the optimal outcome.
Being fastidious during the preparation stage can lead to a more favorable outcome when someone files for divorce.]]>On Behalf of D'Angelo & Grabow, LLPhttps://www.dangelograbow.com/?p=465872024-02-28T17:54:01Z2024-02-28T17:54:01Zhow retirement assets are handled in the event of a divorce or separation.
Retirement accounts represent years of hard work and diligent saving aimed at securing one’s financial future. However, in the event of a marriage dissolution, these assets can become subject to division. Understanding the rules and regulations surrounding the division of retirement accounts is essential to safeguarding one’s financial well-being.
Marital property and division
Any funds contributed to a 401(k) account during the marriage are generally considered marital property and are subject to division during divorce proceedings. This means that both spouses typically have a claim to a portion of the 401(k) assets accumulated during the marriage. In Wisconsin, the division of a 401(k) account during divorce is governed by the community property principle. This means that the assets in retirement accounts are generally divided 50/50 between divorcing couples.
Considerations in dividing retirement assets
The division of retirement accounts often requires the implementation of a Qualified Domestic Relations Order (QDRO). A QDRO is a court’s decision that outlines the division of retirement benefits between divorcing spouses. The order establishes the ex-spouse’s legal right to receive a portion of the retirement benefits accrued by their former partner during the marriage.
The order should outline the specific benefits or payments to be allocated to the alternate payee (the ex-spouse) and the method of distribution, whether through a:
Lump-sum payment
Periodic payments
Direct transfer to an individual retirement account (IRA)
Moreover, transferring funds between retirement accounts as part of a divorce settlement does not trigger tax consequences if an individual’s ex-spouse is awarded part of the account, provided that the right documentation is in place. Divorcing couples should also know that determining the value of retirement accounts requires careful evaluation, especially because the value of assets held in investment accounts fluctuates with the variations in the stock market.
By understanding the legal landscape and following the proper procedures, divorcing couples can more effectively navigate the division of retirement accounts and help ensure a fair division of assets. Seeking legal guidance can ensure that everyone’s rights and interests are protected throughout the divorce proceedings.]]>On Behalf of D'Angelo & Grabow, LLPhttps://www.dangelograbow.com/?p=465862024-02-22T17:38:29Z2024-02-22T17:38:29ZDivorce means major financial changes
Most people understand that they generally need to divide their property when they divorce. That process can be a challenging one, and people often find themselves fighting over seemingly minor details. Individuals who focus more on their long-term financial recovery instead of short-term wins during the divorce proceeding can often secure more favorable property division terms.
A willingness to make concessions in certain areas of property division may mean that someone can secure specific terms that matter for their future financial stability. For example, giving up one's portion of equity in the marital home might mean that a spouse could retain all of their pension in the divorce. Those who try to minimize disputes with their spouses can also preserve more of their resources instead of spending them on a costly contested divorce.
Property division proceedings can also help someone eliminate their responsibilities for certain marital debts. Someone with a clean slate and no more responsibility to cover their spouse's spending habits could potentially improve their credit score and begin saving much more aggressively for retirement after a divorce.
Individuals preparing for divorce need to think about their long-term personal and financial goals when trying to establish their priorities for the divorce proceedings. Those who have the right support and the right perspective are much more likely to enjoy a stable financial future after divorce than those who go into the process unaided, fight over every detail and let their emotions dictate their actions.
Although divorce often leads to a short-term reduction in someone's standard of living, rebuilding after divorce may not take as long as people expect. Focusing on one's future happiness and financial stability can lead to a healthier approach to divorce overall.]]> D'Angelo & Grabow, LLPhttps://www.dangelograbow.com/?p=461562023-09-21T05:02:45Z2021-10-22T05:00:00ZWhat Are the Do’s and Don’ts I Should Know?
In a family law conflict, there are specific things you need to know:
DO be aware that there are various ways to go about the process of a divorce or legal separation.
DO be aware that one attorney cannot represent both parties in a family law matter.
DO NOT alienate your children from the other parent.
DO NOT interfere with your spouse’s relationship with your children.
DO NOT discuss any aspect of your divorce, including the court proceedings and your spouse, with or in front of your children.
DO NOT allow anyone else to discuss the divorce, including the court proceedings and your spouse, with or in front of your children.
DO be aware that a legal action to end a marriage can be commenced in Wisconsin in the county of residence for either party after 30 days of residence in that county and six months of residence in this state.
DO maintain copies of all personal records and financial documents relating to property, income and debt.
DO be aware that anything you write whether email, text or on social media can be used against you in court.
DO be aware that, except in rare circumstances, parties cannot be divorced until 120 days have lapsed between service of the initial papers and the final divorce hearing.
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If you need divorce counsel in southeastern Wisconsin, do not hesitate to contact [nap_names id="FIRM-NAME-1"] in Waukesha for a free initial consultation.]]> D'Angelo & Grabow, LLPhttps://www.dangelograbow.com/?p=461572023-09-21T05:03:15Z2021-10-22T05:00:00ZChildren
Will your children live with you or your former spouse?
If the children live with your former spouse, how often do you hope to see them?
Will you and your ex-spouse be able to agree on the children’s health care and education?
Who will pay for the children’s living expenses, education and travel?
Will the spousal support or child support increase or decrease in the future due to changing financial circumstances, salary changes, job loss, promotion or other factors?
Who will be entitled to claim the children as exemptions for income tax purposes?
Your Home
Which of you will keep or live in the house during the divorce process?
If you sell the house, how will the proceeds be divided?
If one party keeps the home, will the other party deed its interest to the first party?
Will you both be involved in the sale and closing? Who will decide the listing price and whether a real estate broker will sell the home?
How will you decide who pays for the cost of repairs before or while the house is on the market or when the house sells?
Which of you gets to deduct the mortgage interest charges and property taxes?
Which of you will pay the capital gains taxes?
Insurance
Will one or both of you keep life insurance for the benefit of your children?
Who will provide medical insurance for the children? For how long?
Who will be responsible for any medical, dental, prescription or hospital expenses of the children that are not reimbursed by insurance?
Income Taxes
Who will be entitled to receive any refund from current and past joint-income tax returns?
Who will be responsible for any deficiencies on any current or past joint-income tax returns?
Enlisting the Help of A Divorce Lawyer
This list is not exhaustive, but it provides a snapshot of the issues that are important to consider while making a decision to pursue divorce. Consult a family law attorney to make sure you understand the relevant issues and their legal impact.]]> D'Angelo & Grabow, LLPhttps://www.dangelograbow.com/?p=461552023-09-21T05:04:31Z2020-11-16T06:00:00Zfocus on the cash implications of property division in both the immediate and future sense.
Avoiding Untaxed Dollars
Though some property appears equal on paper, the context of its value is important. Take stocks for example: At any one point, a business’s stocks hold an equal value. Taxes, though, look at the overall value gain that a stock generates upon its sale, which depends on when spouses purchased it.
A stock that spouses buy early that matures from $40,000 to $100,000 represents a taxable gain of $60,000 — versus the same stock bought later that only matures from $90,000 to $100,000. Both are worth the same amount, technically, but if the spouses split the stocks and sold them, one stock sale sees a much higher tax ding than the other.
It may be necessary to consult a financial advisor or tax expert prior to finalizing your divorce agreement to determine the effect taxes will have on your property division. An experienced attorney can help you determine if such advice is necessary in your case.]]> D'Angelo & Grabow, LLPhttps://www.dangelograbow.com/?p=461542023-09-21T05:05:07Z2020-03-13T05:00:00Zthe division of your assets and debts:
Marital Assets Must Be Separated from Personal Ones Before They’re Divided
Before you and your spouse can begin to divvy things up, you have to sort your marital property from your personal property. Gifts that you gave each other, for example, may fall into “personal” property even if those gifts were given after the marriage began. Inheritances, if they were kept in the inheriting spouse’s name only, could also be distinct from the marital assets.
Debts have to be similarly divided into those that were acquired before the marriage and those that were acquired after. Things like student loans, for example, can be difficult to divide when some of them were taken out before the marriage, and others were taken after.
A Negotiated Agreement Doesn’t Have to Be Even
You and your spouse may find some advantage to negotiating the split of your marital debts and assets. Generally speaking, most people are happier when they control their economic futures instead of letting a court have the say. Courts sometimes take into account the length of the marriage, issues of marital waste or misuse of marital funds and a spouse’s physical health or earning capacity when they divide up assets, which can give you some room to negotiate.
When you and your spouse have recognized that a divorce is inevitable, it’s smart to take stock of all of the household’s debt and assets as soon as you can. That will better inform your strategy moving forward.]]> D'Angelo & Grabow, LLPhttps://www.dangelograbow.com/?p=461512023-09-21T05:05:37Z2018-12-27T06:00:00Zdivorce” can invoke negative feelings and fear even in Wisconsin residents who have never had to go through the process. That is because most people think of divorce as a confrontational and hostile process that pits former partners against each other in an antagonistic legal spectacle. While some divorces unfortunately follow this hostile path, readers should be aware that not every divorce must be difficult.
That is because in Wisconsin individuals can elect to use collaboration to bring their marriages to their ends. As prior posts on this divorce and family law blog have mentioned, collaborative divorces allow divorcing parties to work together to find acceptable solutions to their end-of-marriage differences. Rather than putting a judge in charge of dividing up their property and deciding where their kids should live, partners to an ending marriage take control of their futures and make choices about how best to serve the interests of all of the parties involved.
Readers who are interested in divorce and who are interested in learning more about their divorce options are well-served by soliciting help from attorneys who practice both traditional and collaborative divorce. At [nap_names id="FIRM-NAME-1"], individuals can discover a wealth of information about both divorce paths and can be assisted in the process of deciding which one may best achieve their end-of-marriage needs.
Collaborative divorce is not for everyone, and traditional litigated divorce is always available to those who require the intervention of the court to support their legal lights. The attorneys and staff of [nap_names id="FIRM-NAME-1"] welcome inquiries from new clients who want to start the New Year with trusted information about their divorce options.]]> D'Angelo & Grabow, LLPhttps://www.dangelograbow.com/?p=461532023-09-21T05:06:03Z2018-11-01T05:00:00Ztext messages, in particular, can serve as compelling evidence to identify adultery.
Wisconsin is a no-fault divorce state. That means a couple can divorce at any time for any reason. It is unnecessary for one spouse to prove the other committed adultery or anything of that nature. However, text messages can still come up in court to prove one side’s point, so it is vital to remain prepared and ready for that possibility.
A subpoena is generally necessary
In the event that you are the text’s recipient, you can print them out to provide to the court as long as the messages are relevant. However, if someone else has a record of the texts, then your legal team will need to request a subpoena. It is paramount to act quickly in this endeavor because most cell phone carriers only maintain records of texts for two or three days before deleting them from the servers.
They can be admissible in court
Many legal scholars continue to debate the admissibility of text messages in court because some experts argue it is an invasion of privacy. In recent years, numerous courts have allowed texts to factor into a case as long as they pertain to the case at hand. For example, since Wisconsin is a no-fault state, text messages that prove adultery are unlikely to have any impact on the results, so a judge may not allow messages of that nature to enter the courtroom.
Texts are only one piece of evidence to use
Text messages can impact child custody if there is evidence the other spouse is abusive toward the kids. One text may not help much because the other side could argue you have taken it out of context. However, texts along with other pieces of evidence can help build a more precise picture that can ultimately impact the child custody decision.]]>