If You Are 50 or Older and Considering Divorce, Read This First!

About 25% of the people going through divorce in the United States are over the age of 50. A number of factors explain this phenomenon. Divorce no longer holds the same stigma as it did in the past. Viagra provides more opportunities to men who in the past may have remained in a less than satisfactory marriage. The children are grown and out of the house. Women are more financially independent. People are living longer and are in better health. A regular comment is, “I may live another 5, 10, 20 years, and I do not want to live it married to him/her.” A healthy spouse may be less willing to act as a caretaker to an ill or disabled spouse. Second and third marriages, which make up about half of divorces involving people over the age of 50, have a higher divorce rate than first marriages.

Divorce issues are different for divorcing spouses over the age of 50. Divorce over the age of 50 can reek financial upheaval. Your retirement assets may be gone or divided in half. You will have less time to recoup any such losses. Your high earning years may be a thing of the past. As a result, it is important to consider the following points in any divorce action if you or your spouse are 50 or older:

1. Consider carefully whether you want to be awarded the marital residence. Compare the cost of upkeep, taxes, mortgage payments, repairs, etc., versus the benefit of owning the home.


2. Make sure you know what you actually owe in debts and other obligations. Obtain your credit report and your spouse’s credit report. Wisconsin is a community property state so you will probably be considered jointly liable for any credit card debts or loans. While your Marital Settlement Agreement may allocate debts to one party or another, that Marital Settlement Agreement is only between the spouses and is not binding on the creditor.


3. Show any Marital Settlement Agreement to a tax accountant for review and analysis. Maintenance is income to the recipient and deductible to the payor. Know the impact of removing funds from any retirement account or IRA. Consider whether it is better to rent or own a residence.


4. Remember to take into consideration the cost of health insurance.


5. Make sure any pensions are fairly divided or that an equivalent asset is allocated to the other party. Get the pension valued so you know the present value of a monthly pension payment. You may be able to negotiate survivorship benefits of a pension. Because you are over the age of 50, your chances of building a pension or 401(k) in any other significant manner is substantially lessoned by time.


6. Consider how divorce assets will be divided on death. You may wish to include in any Marital Settlement Agreement provisions for payment of educational expenses of children or grandchildren, allocation of other assets on death, etc. While the Court may not have jurisdiction to take these actions in a divorce, the parties can stipulate to these provisions. Make sure to draw up a will or trust to ensure that assets are correctly distributed to heirs.


7. As soon as able, change beneficiary designations on life insurance policies, pensions, 401(k)s and other assets.


8. Change, if necessary, any medical directives or powers of attorney. In most instances, you will not want your spouse to act in those capacities during the divorce process.


9. If one party is disabled or in a nursing home, it is possible to craft a Marital Settlement Agreement accordingly. While there is a presumption of 50/50 division of marital assets, that presumption is rebuttable given the facts and circumstances of each case. If divestment is an issue in a nursing home case, that can be factored into any asset division by a capable Wisconsin divorce attorney knowledgeable in the area of estate planning and elder care.


10. Consider negotiating provisions which provide ownership of life insurance on the other party. If a spouse is receiving maintenance and the paying spouse dies, the income can be continued through life insurance proceeds.


11. Consider the timing of the divorce. Sometimes a day makes a difference. For example, in Social Security where there is a 10 year eligibility requirement when a former spouse is eligible to receive Social Security. Maintenance of health insurance may be a factor in some medical situations.

Divorce over the age of 50 is a unique circumstance requiring careful consideration and planning. For more information, call 1-800-805-1976 or email Attorney Linda S. Vanden Heuvel.  Also see, Divorce in Wisconsin.

If You Are 50 or Older and Considering Divorce, Read This First!

Linda Vanden Heuvel Receives Highest Possible Rating in Legal Ability/Ethical Standards

On April 29, 2015, Attorney Linda Vanden Heuvel received Martindale-Hubbell Judicial Recognition – the highest possible rating in both legal ability and ethical standards reflecting the confidential opinions of members of the Bar and Judiciary. The Martindale-Hubbell Judicial Rating relies on judges, lawyers and members of the Bar to recommend and rate attorneys on both ethical standards and quality of legal work.

Attorney Linda S. Vanden Heuvel, congratulations on earning this powerful rating! Your peers have honored you with this special recognition.

Linda Vanden Heuvel Receives Highest Possible Rating in Legal Ability/Ethical Standards

Attorney Linda S. Vanden Heuvel Named One of Nation"s Top Attorneys

Attorney Linda S. Vanden Heuvel was selected as a member of the Nation’s Top One Percent by the National Association of Distinguished Counsel (NADC). NADC is an organization dedicated to promoting the highest standards of legal excellence. Its mission is to objectively recognize the attorneys who elevate the standards of the bar. Only the top one percent of attorneys in the United States are awarded membership in NADC.

Attorney Vanden Heuvel was delighted to accept the award. Other Wisconsin attorneys who are members of NADC include Attorney Robert Habush of Habush, Habush & Rottier, S.C., and Attorney Timothy Aiken of Aiken and Scoptur, S.C.

Attorney Vanden Heuvel recently published Divorce in Wisconsin, The Legal Process, Your Rights, and What to Expect.  Contact Attorney Vanden Heuvel at 1-800-805-1976 or email linda@vhdlaw.com.

 

Attorney Linda S. Vanden Heuvel Named One of Nation"s Top Attorneys

What Impact Does My Use of Social Media and Other Technological Devices Have on Custody and Placement and Other Aspects of My Divorce?

Whatever you place on social media is generally fair game for your spouse and his or her attorneys to include in any trial evidence. While your Facebook information may be funny and outrageous to your friends and family, a totally different spin can be placed on the same information by your spouse or the court. Act under the presumption that anything you place on social media will be accessible to the other party, either through discovery or otherwise.

Check your email, Instagram, Facebook, Twitter, Linked-In, and other social media accounts. Make sure there is nothing on these accounts that can be used against you in the divorce. Remove or block anything potentially incriminating. Rest assured that if this information is on social media, it is accessible to your spouse and his or her attorney.

Also be extremely careful of the emails and texts you send to your spouse. They can be kept for years. Emails can be printed. These communications are generally admissible in court.

Every now and then check your car. Make sure that your GPS data is erased. Make sure your car is not tagged with a GPS. Your I-PASS (Illinois electronic toll collection system) can be traced. It is possible to determine when your car has passed through tolls.

Dating websites are also a source of much information, including income and assets. Your web history is also subject to subpoena in some circumstances. Be aware of these factors before and during the divorce process and make sure to take any necessary precautions.  If you wait, it may be too late.

What Impact Does My Use of Social Media and Other Technological Devices Have on Custody and Placement and Other Aspects of My Divorce?

Physical Placement is Not One Size Fits All

When clients ask me about physical placement of their children, each client’s situation must be considered and weighed on an individual basis. What works for one family does not necessarily work for another. It is very important to find an attorney who is familiar with not only the laws of the State of Wisconsin regarding custody and placement, but also has education and background in child development and other placement strategies. I devote an entire chapter of my book, Divorce in Wisconsin, to child custody and placement and also welcome your questions by email at  linda@vhdlaw.com.

What is physical placement of a child?

Physical placement is the condition under which a party has the right to have a child physically placed with that party and has the right and responsibility to make, during that placement, routine daily decisions regarding the child’s care. Physical placement is generally defined as where the child is living on a day-to-day basis.

What are the different types of physical placement?

In most cases each parent is awarded periods of physical placement of the children. The actual placement arrangement may take one of three basic forms:

• Primary placement—One parent has primary placement of the children. The other parent has periods of placement, which could take the form of every other weekend during the school year plus extra time in the summer. There is also usually an alternating of holidays. This is only an example and many other options can be applied.


• Shared placement—Under Wisconsin law, parents have a shared placement schedule if each parent has at least 25 percent or ninety-two days a year of physical placement with the minor children. The periods of physical placement are determined by calculating the number of overnights of each parent and dividing that number by 365. An example of a shared placement schedule is a 50/50 alternating week schedule.


• Split custody—Occasionally, and for a wide variety of reasons, children are split between the parents. With split custody, the placement schedules are usually set up to have the children together every weekend and for substantial times in the summer. There is a special split custody child-support rule that offsets and nets the child-support obligations of the parents.

Please feel free to call me at 1-800-805-1976. Vanden Heuvel & Dineen, S.C. has offices in Germantown, West Bend, Milwaukee, Appleton, Sturgeon Bay and Sister Bay, Wisconsin, to address your divorce and custody and placement needs. Contact divorce Attorney Linda S. Vanden Heuvel at www.vhdlaw.com.

 

Physical Placement is Not One Size Fits All

Student Loan Forgiveness Act in Effect

Two out of three college students graduate with student loans averaging $23,000.00. The Healthcare and Education Reconciliation Act gives student-borrowers new options in loan repayment. The Act expands the income-based repayment plan for Federal student loans.

Under this new law, students enrolling in college in 2014 or after have the following student loan options:

1. Borrowers choosing income-based repayment will pay no more than 10 percent of their income above a basic living allowance. This is a reduction from 15 percent under current law. The allowance is currently $16,500.00 for a single person and $33,000.00 for a family of four.


2. Student loans will be forgiven after 20 years or after 10 years for those in public service such as teachers, nurses, and military personnel. Borrowers must make monthly payments during the initial loan period.


3. Effective July 1, 2015, all new loans will be direct loans by private companies under contracts with the Department of Education.

In addition, the Obama Administration is studying new bankruptcy options for student loan borrowers. Under current law, most student loans cannot be discharged in bankruptcy.

While students and their parents generally favor the above loan options, there is also much criticism of the plan which does not address the cost of education, the miss-use of student loans, and the burden on the taxpayer, government, and financial institutions resulting from non-payment of student loans.

 

Student Loan Forgiveness Act in Effect

Divorce in Wisconsin - A Practical Guide for Divorce

Attorney Linda S. Vanden Heuvel of Vanden Heuvel & Dineen, S.C. published Divorce in Wisconsin this month.  The book is a practical question and answer guide to day-to-day divorce issues. Attorney Vanden Heuvel, a top-rated Wisconsin divorce attorney and family law attorney, wrote the book as a guide for clients who do not understand the divorce process. Divorce impacts not only the parties going through the divorce, but also children, family, friends, and more. Divorce impacts financial issues, the marital home, retirement–in actuality, the entire future life of anyone going through a divorce. It is important to know the answers to basic divorce questions.

Using an easy question and answer format, Attorney Vanden Heuvel offers clear, concise information that will help clients build their confidence and gain peace of mind during this often difficult time. Divorce in Wisconsin provides answers to more than 350 legal questions.

To contact Attorney Linda S. Vanden Heuvel call 1-800-805-1976 or click here to send her an email.

Divorce in Wisconsin - A Practical Guide for Divorce