Reba McEntire announces divorce on Facebook

A post on Facebook may have been the first Reba McEntire’s Wisconsin fans heard about her divorce to her longtime manager Narvel Blackstock. The couple had been separated for months when they officially announced the separation in August 2015, but they did not say at that time whether they planned to divorce. In her December post, McEntire said the divorce had been finalized in October.

The two had one son and were married for 26 years. McEntire said that they were still friends and that after 35 years of working together, they would continue to do so. Blackstock also manages Kelly Clarkson and Blake Shelton, among other acts. In addition to her long career in music, McEntire starred in the hit television sitcom “Reba” from 2001 to 2007.

In the statement that announced their separation in August, the couple had requested privacy. Announcing the divorce on Facebook, McEntire thanked people for their support.

Even splits that are not as public as that of McEntire and Blackstock can be emotionally difficult. They can also be costly and take a great deal of time. A person who is facing a divorce may want to contact an attorney to discuss the situation and the options. Sometimes, a couple may be able to work with their attorneys and reach an agreement about property division, support and child custody without turning to litigation. Settling out of court might lead to a more satisfactory outcome. However, in some cases, this is not possible, and in litigation, a judge will attempt to make the best decision possible with the information available. If children are involved, the judge will make custody and visitation determinations based on the child’s best interests.

Source: New York Daily News, “Reba McEntire, Narvel Blackstock officially divorce,” Peter Sblendorio, Dec. 20, 2015

Social Security benefits for divorced spouses

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.

Protecting assets in a divorce can be difficult

Most Wisconsin couples who are contemplating divorce know that the process can be expensive. As a result, many want to get the process over with as quickly as possible so that they can move on with their lives and spend less. However, moving too fast can actually end up costing a spouse more in the long run. Those who do not fully consider the implications of certain settlements and agreements may find that they’ve made big mistakes.

One major mistake that a spouse can make is to not take the time to look at all of the assets. Not taking into account future interests and business interests can cost a spouse quite a bit of money, making a settlement unfair. One way to avoid missing out is to have a financial planner or investigator involved who can look for these things. They may also be able to find any potential hidden bank accounts.

If a couple wants to divorce, it is recommended that new individual bank accounts should be opened and joint debts should be separated. Once a divorce settlement has been reached, beneficiaries on certain assets should be updated and names should be removed from deeds and titles depending on who got what. Once the couple is divorced, both former spouses should speak with a financial adviser so they can protect their assets and prevent losing more money due to bad decisions.

When estranged couples are attempting to divide their property during the divorce, emotions and hidden assets can potentially cause problems. A family law attorney may assist with the property division by helping a client determine the value of all applicable assets. In some cases, the attorney can negotiate so the client can keep the house or car while agreeing to allow the other person to have other assets.

Tips for dealing with finances during a divorce

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.

Dealing with children during a divorce

Although divorce is usually hard for Wisconsin parents, the process can be even more difficult for the children. In many cases, the children involved feel that they were the cause of the divorce and have guilty feelings as a result. There are ways that parents can get through the divorce process while taking care not to cause anguish for children.

One thing that kids should understand is that the divorce is not their fault. In some cases, the kids may feel that they caused the divorce because they did not accomplish enough at school, that they refused to go to bed at the right time or even that they refused to eat dinner. Parents should be sure to explain to children that the divorce was not their fault. Both parents should continue to engage the children and remind them that they love them.

If the divorce turns adversarial, one parent may badmouth the other parent around the children. This can be damaging, as children take after both parents. Finally, the children should never be asked to bring messages between parents or act as a spy for either parent.

Because a divorce can be so difficult on the children, is is recommended that parents find a way to work together to co-parent. A family law attorney can help one parent negotiate with the other when it comes to child support and even visitation. If parents cannot work together, the attorney may work to ensure that the parent has the opportunity to continue to maintain a positive relationship and visitation with the kids.

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.