Wisconsin residents who wish to retire in the future may dedicate portions of every paycheck that they earn to their retirement funds. While these funds may start small, over time and with proper investing they can grow into large sums that can support individuals well into the later years of their life. One event that may quash the growth of a well-funded retirement account is divorce. This post will generally address what may happen to such a fund when a marriage comes to its end.
Not everyone gets to experience a happy, long-term marriage, and not everyone whose marriage lasts for decades is in a good relationship. Marriages can end early on or after many years, and Wisconsin residents who are considering later in life divorces should understand how the duration of their marriages may impact their abilities to receive support from their soon-to-be ex-spouses.
At the end of 2017, the federal government passed a massive tax overhaul that had repercussions for many areas of American life. However, those that affect Wisconsin men and women going through divorce are not set to take hold until the clock strikes midnight on Jan. 1, 2019. One of those changes can have a big effect on later-in-life divorcees.
Practically everyone has heard that one-half of all American marriages end in divorce. This often used but rarely substantiated statistic is often the subject of debate among Wisconsin residents, and though its absolute truth may be in question its representation about the long-term status of marriage is spot on: divorce is common among Americans.
When a couple gets married they believe their marriage will last forever. Many times this is the case for Waukesha area residents. But, divorce is common for couples who have been married for any length of time. A relatively new phenomenon is the increase of divorce for couples who have been married for decades, often referred to as a "gray divorce." These couples have unique needs that they face in a divorce situation.