For Wisconsin entrepreneurs, one of the most frightening concerns is the thought of losing their business in divorce proceedings. While many individuals may focus on real estate or retirement accounts, entrepreneurs have generally spent years developing a business. By taking certain steps during the divorce process, they may be able to protect their investment.

Before an entrepreneur starts to be concerned about property division, he or she may seek legal advice or research the relevant laws pertaining to ownership of the business. If the business was a solo operation, the other spouse may not be entitled to half of the business. Instead, the proportion of the business that may be subject to division can rely on a number of factors, such as the role of the other spouse in the business, the length of the marriage and the ways that the parties contributed to the business and the marriage. Before the entrepreneur begins to think about how the business will be treated, all of the assets of significant value may be identified and evaluated. This process involves evaluating the business assets and possibly getting an appraisal of the business itself.

An important consideration in the divorce process is how the entrepreneur wants to proceed after the divorce. He or she may wish to continue operating the business. He or she may want to sell off the business and split the proceeds. This may also require going back to the couple’s worksheet and trading other assets in exchange for a greater stake in the business.

Another step that entrepreneurs take during the divorce process is to choose their divorce team wisely. They may retain the service of a tax adviser, accountant and family law attorney. Legal counsel may provide the entrepreneur with guidance on the legal issues involved in the case and an objective opinion regarding how to approach the process.

While many people in Wisconsin end up divorcing, the divorce rates for most age groups have been falling for years. Among those who are over 50, however, the rates have been instead steadily climbing.

According to researchers from Bowling Green State University, twice as many couples over the age of 50 divorced in 2014 than did those over that age in 1990. Other researchers have also found that more than 50 percent of people between the ages of 25 and 50 have considered getting divorced at some point. Most who have considered it decide to try to work it out, and many report they are happy they did.

Researchers believe older people may be increasingly seeking divorce for one of several reasons. They point out that many people in this age group are in their second marriages, which have been shown to be two and one-half times as likely to end in divorce as a first marriage. Another reason may be related to the increasing life span. Although people may not be in terrible marriages, they may decide to end their relationship rather than spending 20 or 30 more years in one that is no longer loving. Older people may also simply be better able to handle the expenses associated with divorcing than younger, less financially secure couples.

Property division can be highly contentious in a divorce. When a couple has been married for a long time, untangling their finances while also helping to preserve their ability to retire may be complicated. A senior citizen who is facing the end of a marriage may want to have the assistance of a family law attorney in negotiating a settlement agreement that addresses this matter as well as other divorce legal issues that may be applicable.

Many people in Wisconsin consider the new year a time for a fresh start, and one of the ways that couples often begin anew is to end a marriage that is failing. According to the American Academy of Matrimonial Lawyer, the number of divorce filings in January goes up by one-third. If someone is considering a divorce, however, it’s important that they get their affairs in order to make the process as painless as possible.

Since Wisconsin is a community property state, assets that are considered to be marital property will be split down the middle. Therefore, people should get a complete list of their assets and debts and also determine if any assets could be exempted from being considered marital property.

People should also gather their tax documents and consider how their filing may be affected by a divorce. Following a divorce, individuals will not be allowed to take advantage of joint filing status. Additionally, if an individual gives up their property, they will no longer be able to benefit from homeownership tax breaks. Understanding tax implications can help people plan for their post-marriage future.

Filing for divorce often means major changes in someone’s life. In addition to the fact that many people will go from living on two incomes to one, individuals will also have to come to agreements about dividing assets and, if they have children, topics related to custody and visitation. A lawyer could explain to someone how the law decides these matters and provide in-court representation.

Wisconsin residents may be aware that the Social Security Administration has rules in place that allow divorced spouses to receive retirement benefits based on the earnings histories of their former husbands or wives. These provisions are designed to prevent divorced spouses who have made sacrifices such as staying at home to raise a family being disadvantaged during their golden years. However, only divorced spouses who were married for 10 years or longer and who have not remarried qualify for these benefits.

While the Social Security Administration takes partial years into consideration when determining if a marriage qualifies, it will not allow separate periods of marriage to be combined in order to meet the 10-year requirement. This means that spouses who divorced before their tenth wedding anniversary will not qualify for divorced spouse retirement benefits even if they subsequently remarry their former spouses. Only consecutive years of marriage are counted by the SSA.

Additionally, only divorced spouses who have not remarried qualify for divorced spouse benefits, and both spouses must be 62 years of age or older. An exemption to the 10-year requirement is made for divorced spouses of deceased individuals. Surviving divorced spouses qualify for benefits in the same way as widows or widowers, and they receive all of the benefits that would otherwise have gone to the decedent rather than the 50 percent that divorced spouses may receive.

There are also rules regarding how long spouses must be divorced before they qualify for these benefits, and the maximum amount of benefits available are only paid to claimants who have reached the applicable full retirement age. Experienced family law attorneys who are familiar with these requirements can also point out other retirement considerations for divorcing spouses such as changing the beneficiary designations on individual retirement accounts and 401(k) plans.

When a Wisconsin couple begins the divorce proceedings, the financial consequences may come as a surprise. However, there are tips a person can use to prevent their estranged spouse from leaving them financially destitute.

One of the first things a person who is facing the end of a marriage should do is contact a family law attorney. Prior to meeting with the attorney, they should have all of their financial information at hand. This way, the attorney can help the client understand what is financially at risk. A financial adviser can often be of assistance as well in the event that the financial situation is murky or complex.

While understanding which assets are marital property as opposed to those that are separately owned is important, perhaps something that is more key is a knowledge of what debts exist. A spouse who has not been significantly involved in household finances may not be aware of all of the joint liabilities, and running a credit report may be useful in this regard. It is also important when attempting to negotiate a settlement to set emotions aside, as this can help avoid getting hung up over a particular asset that may have sentimental value but not be of much worth to a person’s post-divorce financial situation.

Property division can be very difficult, especially if the divorce is contested and the estranged couple has amassed a large number of assets during their marriage. In many cases, a family law attorney can assist a client in obtaining a more favorable result through negotiations rather than letting a court decide after protracted and expensive litigation.