Wisconsin fans of the hit television show “The Big Bang Theory” may have heard that one of its stars, actress Kaley Cuoco, and her former husband were officially divorced as of May 6. They were together for about two years.
Cuoco and her former husband, tennis star Ryan Sweeting, were married on Dec. 31, 2013, just three months after they started dating. They announced that they were getting a divorce in late September 2015. Cuoco was reported to be in a relationship with an equestrian while Sweeting is listed as “retired” from tennis.
They negotiated their divorce agreement for about nine months. According to court documents, Cuoco is required to pay her former husband $165,000 in two installments. Additionally, she is required to pay his attorney fees and another $10,000 legal bill that was owed by her former husband. However, she will not be required to make any additional spousal payments. It is believed that a valid prenuptial agreement dictated much of the terms, and it ended up saving Cuoco quite a bit of money.
Most couples who are facing the end of a marriage are not as well known or as well off as celebrities. However, they likely face some of the same issues, including property division and alimony. If there is not an existing and valid prenuptial agreement covering these matters, these decisions will be made by a judge unless the estranged spouses and their respective family law attorneys can negotiate a settlement agreement. This can often produce a result that satisfies each party as opposed to a judge’s decision that leaves both unhappy.
Source: Refinery 29, “This Is How Much Kaley Cuoco Will Have To Pay Ryan Sweeting“, Morgan Baila, May 9, 2016
Source: Refinery 29, “Kaley Cuoco and Ryan Sweeting are Getting Divorced” Lauren Le Vine, Sept. 25, 2015
Older people more likely to be divorced
Wisconsin couples who are facing divorce may be interested to learn that in 2013, similar percentages of people fell into one of two categories by the age of 59. They were either still on their first marriage or they were divorced, separated or in later marriages. This is based on an examination of U.S. Census Bureau data by the Minnesota Population Center’s Integrated Public Microdata Sample Project.
One interesting statistic based on census data indicates that in both 1960 and 1980, more people in their 20s had ended marriages than those in 2013. Furthermore, more people in 1960 and 1980 also tended to be on their second or even third marriages than they were in 2013.
However, people over the age of 40 were more likely to be divorced in 2013 than in previous years. In fact, the percentage of people of that age group who are divorced has increased significantly compared to 1960 and 1980.
Whether people are in their 20s or 50s or on their first or subsequent marriages, divorce can be a difficult time. In addition to the emotional turmoil, there are many practical matters that must be dealt with. People may face significant lifestyle changes such as spending less time with their children or moving to a small apartment when they previously enjoyed a large home. An attorney may be able to assist a person who is going through divorce in negotiating a settlement agreement covering child support, child custody and property division. Some divorces may become very complex if the couple has significant assets or in other special circumstances such as if they own a business together. While Wisconsin is a community property state, there are still guidelines for deciding what counts as marital property.
Avoiding financial disaster in divorce
As Wisconsin residents thinking about divorce evaluate the process, one of the first considerations should be the financial impact. While divorce may seem necessary to end a failing relationship, the financial aftermath can be devastating for both parties. Heading into the action without a realistic view of mutual finances could leave an individual vulnerable to making bad decisions.
By securing the assistance of a financial adviser at the beginning of the process, it is possible to work on collecting relevant information about accounts and assets. Having one’s own adviser is important. Although some couples will share the expenses and expertise of one financial professional, there is a risk of advice being skewed in favor of one party over another.
A financial professional can evaluate the outstanding debt as well as assets that will be at play during the property division phase of the divorce proceedings. The adviser might research issues such as property liens to ensure that an asset under consideration is not actually bogged down by unknown debt. Equity loans and second mortgages could create unexpected financial obligations to the party who receives a family home, especially if that person is unaware of these issues.
A financial evaluation of the situation prior to filing for divorce provides an individual with the ability to consider potential trade-offs that would be acceptable as property division is negotiated. The tax implications of various assets can also factor into decisions related to assets such as retirement accounts. Additionally, this allows time to tackle issues such as closing joint credit accounts prior to initiating divorce proceedings.
Family lawyers may coordinate with financial advisers to help their clients set financial goals related to the divorce process. As certain interests such as keeping the family home are expressed, these professionals can provide the pros and cons of pursuing those interests in light of the full scope of financial information.
Preparing for a contested divorce in Wisconsin
In some cases, it is necessary to resolve a divorce dispute in a Wisconsin courtroom. While an individual may have preferred that the divorce be resolved through more informal processes, it is important to prepare for what litigation may bring.
At the outset, it is a good idea to get an attorney who understands the rules and nuances of the divorce process both in a broader sense and in a given jurisdiction. The attorney should be one who will represent a client’s interests in a professional manner. While it may seem like a good idea to get the most aggressive counsel available, that may not be the best strategy. Throughout the divorce process, it may be better to remain calm and collected at all times. Doing so may make it easier to get the desired results once the divorce decree is signed and filed.
One of the more critical elements of litigation is the discovery process. This is when individuals will get all the documents and other information that is relevant to the case. For instance, it may be possible to find out the value of assets held in a bank account or investment account. If the other side is attempting to hide assets, it may be possible to get access to information that may verify whether or not this is the case.
Those who are facing the end of a marriage often find that their emotions are running high, causing them to argue over seemingly minor details. A family law attorney can often ease this type of situation as well as avoid contentious litigation by handling negotiations on behalf of a divorcing client in order to reach a settlement agreement that can presented to the court for its approval.
Divorces impact retirement picture for older couples
Divorces can be difficult to manage financially at any age. The closer a Wisconsin couple is to retirement the more potential there is for their retirement plans to be interrupted.
With the divorce rate increasing for those 50 years and older, it becomes even more crucial for divorcing couples to structure the divorce’s financial settlement in a manner that wreaks the least havoc on their financial planning for retirement. Younger people have more time to recoup any financial losses from a divorce, but seniors may not have this luxury.
An equitable property division is a good place to start the process. The spouse who gets the house may need to sell it, move into less expensive accommodations and invest the difference with an eye to a more comfortable retirement. Additionally, with both spouses likely seeing decreased income, they may want to develop new spending plans so they can save more for retirement.
Senior couples may already have retirement funds in place. If any money is transferred to the other spouse in the divorce settlement, then the spouse receiving the payment must file documents to get these assets into their name or accounts as soon as possible. If one spouse earned substantially more income, the other spouse may be eligible to draw upon their Social Security benefits at retirement age if the marriage lasted at least 10 years.
Divorces can be emotionally devastating; the financial implications can turn into a double whammy. Anyone getting divorced may wish to consult with a family law attorney who may be able to help make sure their interests are protected in the settlement.
Entrepreneurs and prenuptial agreements
Wisconsin entrepreneurs who are thinking about getting married may be well advised to consider having a prenuptial agreement in place long before the wedding date. Even though divorce may be far from their minds, if the marriage does end, it could have a significant impact on the company.
The end of a marriage can be a threat to a business due to the instability that it can cause. If there is no prenup, for example, the appreciation in a company’s value that took place during the marriage will likely be deemed marital property to which the non-owner spouse could receive a share. It might result in needing to fire employees and terminating business relationships. Another concern is debt. Since married couples share each other’s debts, creditors might be able to go after the company to recoup their money.
A strong prenuptial agreement that protects a business will have language that clearly states that the business is separately-owned property. It will also set forth that the parties do not wish to share each other’s debts incurred during the marriage, further protecting the company. The owner might want to recommend that key employees who are single but who are planning on getting wed also have such an agreement.
Family law attorneys will tell their clients who are considering such an agreement that each party needs to have separate legal counsel. They will also let them know that, in order to avoid a future claim that it was signed under duress, the prenuptial agreement should be negotiated well in advance of the wedding day.
Why some couples get a divorce
Many Wisconsin couples have considered ending their marriages. In some cases, trying to work things out and staying together makes sense. In others, divorcing may be the best course of action to take. People who are thinking about divorcing their spouses should think through reasons why they might want to stay together and reasons why they may want to proceed with the split.
Parents of younger children may want to try to stay together . If their relationships can be mended and they can be healthy, staying together can provide good examples for their offspring. People may also want to stay together if they simply can’t afford to live apart on their own. Other reasons to stay together include possible health consequences or if the people have the possibility to rekindle the feelings they once had for each other.
If a spouse is abusive, a divorce should happen. Family violence is a pattern that rarely stops. Other reasons for divorce include if a spouse mistreats the children or if the spouse has addiction issues for which he or she will not get help. Infidelity is a reason for divorce for some people but not for others. If a person simply cannot move past his or her partner’s infidelity, then divorce may be the best option.
Couples who have thought through the reasons for and against divorcing and who have decided that ending their marriage is the best choice for them may want to talk to their respective family law attorneys. In some cases, an attorney can assist a client in negotiating a comprehensive settlement agreement without having to argue each particular divorce legal issue in front of a judge.
The dangers of social media for people getting a divorce
Divorces can sometimes be contentious affairs because they are so emotional, and people often have feelings of hurt and resentment. In some ways, access to social media can make this worse. Wisconsin couples who are ending their marriages may be tempted to air their grievances on Facebook, but this could prove to be a serious mistake.
Additionally, people may struggle with their divorce if they see all of the other social media posts of happily married friends and family. No one’s life is perfect, but many are able to give the impression of an idyllic existence by the way they manage their social media accounts. It is easy for people who are going through a divorce to become depressed when comparing their lives to the filtered lives of others.
Social media can also affect the outcomes of a divorce because posts can sometimes be used in a courtroom. People posting pictures of fancy vacations may not be looked at favorably by a judge when they are also claiming to be unable to afford spousal support. Images of parents drinking or partying may be used against them in a custody battle. Therefore, it is essential that people are careful about what they share on Facebook and other sites.
Social media posts can even affect how things like property division is ordered. This is because judges often have leeway in determining these matters, and the arguments made in a courtroom may sway a ruling. Family law attorneys will often advise their clients to be discreet and not let their emotions get in the way of making sound decisions.
Supporting a child after divorce
As many Wisconsin parents have found, the payment of child support can become an issue at times. This might be true both for divorced couples and those who were never married. Support for a child is usually based upon state guidelines that take parental income and other factors into account. However, both parents are obligated to support a child until the age of 18 or until that child has been emancipated.
In the case of an unmarried couple, courts will not order support for the child without proof of paternity. Some fathers are willing to do this voluntarily. In other cases, a DNA test may be required.
For a parent who is paying support, falling behind in the payments may have serious consequences. This might include garnishment of a tax refund or wages, a property lien, suspension of his or her driver’s license and negative impact on a credit score. In addition, in some situations, when a parent does not pay support for the child, it may result in criminal prosecution with resulting fines or jail.
The financial situation of a paying parent may change for the worse in the event of a medical emergency or an unexpected layoff. This situation should be addressed as quickly as possible. The procedure for obtaining a modification of an existing child support order involves filing a motion with the court having jurisdiction and then appearing at a subsequent hearing. Those who need to do so should bring as much documentation as possible regarding the financial downturn to court with them. Attorneys will remind their clients that even if a modification is granted, it will have no effect on any payments that are in arrears.
Actress Kaley Cuoco’s divorce agreement
Wisconsin fans of the hit television show “The Big Bang Theory” may have heard that one of its stars, actress Kaley Cuoco, and her former husband were officially divorced as of May 6. They were together for about two years.
Cuoco and her former husband, tennis star Ryan Sweeting, were married on Dec. 31, 2013, just three months after they started dating. They announced that they were getting a divorce in late September 2015. Cuoco was reported to be in a relationship with an equestrian while Sweeting is listed as “retired” from tennis.
They negotiated their divorce agreement for about nine months. According to court documents, Cuoco is required to pay her former husband $165,000 in two installments. Additionally, she is required to pay his attorney fees and another $10,000 legal bill that was owed by her former husband. However, she will not be required to make any additional spousal payments. It is believed that a valid prenuptial agreement dictated much of the terms, and it ended up saving Cuoco quite a bit of money.
Most couples who are facing the end of a marriage are not as well known or as well off as celebrities. However, they likely face some of the same issues, including property division and alimony. If there is not an existing and valid prenuptial agreement covering these matters, these decisions will be made by a judge unless the estranged spouses and their respective family law attorneys can negotiate a settlement agreement. This can often produce a result that satisfies each party as opposed to a judge’s decision that leaves both unhappy.
Source: Refinery 29, “This Is How Much Kaley Cuoco Will Have To Pay Ryan Sweeting“, Morgan Baila, May 9, 2016
Source: Refinery 29, “Kaley Cuoco and Ryan Sweeting are Getting Divorced” Lauren Le Vine, Sept. 25, 2015
Keeping the split amicable for the child’s sake
In most cases, divorcing Wisconsin parents who have young children will be dealing with one another for quite some time after their marriage ends. Even after their children are grown, they will likely attend functions to celebrate milestones their children reach throughout their lives.
While marriages sometimes end, parenting relationships do not. During a divorce, some people get wrapped up in the emotional conflicts they have with each other. Most children do much better emotionally and socially when their parents are able to get along well even though they are no longer together. Having an amicable divorce and planning ahead can help children to be happier and better adjusted.
Parents should take the time to examine the relationship they currently have with each other and think about ways in which they can improve the ways in which they communicate. This may involve making changes regarding the frequency of their contact and the tone of the communication they do have. They should actively avoid fighting in front of their child, involving the child in disputes or saying negative things about each other to or in front of the child.
When a couple has children, their divorce will involve a lot more than resolving disputes over their property division. Unless the parents can otherwise agree, child custody and visitation decisions will be made by the court. If parents are able to step back from the bitterness they may feel and put it behind them, they may be happier in the long run. They also may be happier if they can come to a decision on custody and visitation with the help of their respective family law attorneys rather than having the court dictate the terms.