Spousal and Child Support in Wisconsin

[BJ44]

Spousal Support in Wisconsin
What is the name of your state (only U.S. law)? Wisconsin

Facts:
- We have been married for 22 years. My wife had worked until 15 years ago. I make $155K per year. She has a part time job working two hours a day. She was a retail manager prior to quitting but has no formal schooling. My job is specialized and will no longer exist in the area therefore I am expecting to take a cut in pay by 50% in September 2014 to do something else. I want joint custody.
- We have 2 children ages 15 and 12. Will I have to pay child support if each share 50/50 time?
- We own our house outright with a value of $205K.
- I am proposing to offer her $2500/month for the next 8 years (1/2 the time she spent not working). Additionally I would pay her auto loan ($390/month) for the next 4 years.
- I am proposing a split of the assets in a manner of $390K to her (which includes the home) and $600K for me, which leaves me nothing in liquid assets (all retirement)
- We are both in our mid 40s.

We are trying to do this in a fair manner, is it a fair offer compared to what the court would issue (an affair occurred on her part)? Also, is there a way for me to get the support lowered if I am unable to obtain a job or take a significant pay cut? Could that be written into the agreement?

 

[Just Blue]

Keep your questions on this thread unlesss it is TOTALLY unrelated. The CS thread IS related to this one.

 

[TheGeekess]

http://dcf.wisconsin.gov/bcs/parents.htm

 

[TheGeekess]

http://wilawlibrary.gov/topics/familylaw/childsupport.php

 

[Ohiogal]

Spousal Support in Wisconsin
What is the name of your state (only U.S. law)? Wisconsin

Facts:
- We have been married for 22 years. My wife had worked until 15 years ago. I make $155K per year. She has a part time job working two hours a day. She was a retail manager prior to quitting but has no formal schooling. My job is specialized and will no longer exist in the area therefore I am expecting to take a cut in pay by 50% in September 2014 to do something else. I want joint custody.
- We have 2 children ages 15 and 12
- We own our house outright with a value of $205K.
- I am proposing to offer her $2500/month for the next 8 years (1/2 the time she spent not working). Additionally I would pay her auto loan ($390/month) for the next 4 years.
- I am proposing a split of the assets in a manner of $390K to her (which includes the home) and $600K for me, which leaves me nothing in liquid assets (all retirement)
- We are both in our mid 40s.

We are trying to do this in a fair manner, is it a fair offer compared to what the court would issue (an affair occurred on her part)? Also, is there a way for me to get the support lowered if I am unable to obtain a job or take a significant pay cut? Could that be written into the agreement?

An equal split would be $495k of marital assets for each of you. Spousal support is not counted as a marital asset. She could get spousal support in addition to half the marital assets. When was the affair? is it still ongoing? did you stay with her after finding out about it? Did you sleep with her after finding out about it?

Spousal support can be modifiable.

 

[Bali Hai]

Spousal Support in Wisconsin
What is the name of your state (only U.S. law)? Wisconsin

Facts:
- We have been married for 22 years. My wife had worked until 15 years ago. I make $155K per year. She has a part time job working two hours a day. She was a retail manager prior to quitting but has no formal schooling. My job is specialized and will no longer exist in the area therefore I am expecting to take a cut in pay by 50% in September 2014 to do something else. I want joint custody.
- We have 2 children ages 15 and 12
- We own our house outright with a value of $205K.
- I am proposing to offer her $2500/month for the next 8 years (1/2 the time she spent not working). Additionally I would pay her auto loan ($390/month) for the next 4 years.
- I am proposing a split of the assets in a manner of $390K to her (which includes the home) and $600K for me, which leaves me nothing in liquid assets (all retirement)
- We are both in our mid 40s.

We are trying to do this in a fair manner, is it a fair offer compared to what the court would issue (an affair occurred on her part)? Also, is there a way for me to get the support lowered if I am unable to obtain a job or take a significant pay cut? Could that be written into the agreement?

Do not agree to pay alimony. Force the court to order alimony. Once you agree, you are stuck with it if you lose your job.

There, ban me for that!!

 

[BJ44]

I found out over after she quit counseling via phone records accidentally. I asked her to leave him and she said no. She played me back and forth a week when I said I would file. She continues to communicate with him. We have not been intimate in months. Yes I have stayed in the same house. Waiting to tell the kids and find appropriate apartment convenient for them. Looking to do what is fair but also taking into consideration the fact she used me for so many years, there is much more to the story.

 

[Bali Hai]

I found out over after she quit counseling via phone records accidentally. I asked her to leave him and she said no. She played me back and forth a week when I said I would file. She continues to communicate with him. We have not been intimate in months. Yes I have stayed in the same house. Waiting to tell the kids and find appropriate apartment convenient for them. Looking to do what is fair but also taking into consideration the fact she used me for so many years, there is much more to the story.

You can't be used unless you let yourself be used.

Advice:

Talk to a lawyer and file for divorce. Do not let your lawyer use you either. Do not agree to pay any alimony.

 

[mtpockets]

before taxes versus after taxes

Spousal Support in Wisconsin
What is the name of your state (only U.S. law)? Wisconsin

Facts:

- I am proposing a split of the assets in a manner of $390K to her (which includes the home) and $600K for me, which leaves me nothing in liquid assets (all retirement)
- We are both in our mid 40s.

We are trying to do this in a fair manner, is it a fair offer compared to what the court would issue (an affair occurred on her part)? Also, is there a way for me to get the support lowered if I am unable to obtain a job or take a significant pay cut? Could that be written into the agreement?

Deduct projected taxes from the assets before agreeing to a final number. The retirement assets are before taxes. If the basis of the home is more than $140K, the equity in the home is after taxes. Your proposed split may result in each of you receiving one half of the after-tax value of the assets.

 

[LdiJ]

Deduct projected taxes from the assets before agreeing to a final number. The retirement assets are before taxes. If the basis of the home is more than $140K, the equity in the home is after taxes. Your proposed split may result in each of you receiving one half of the after-tax value of the assets.

Where do you come up with that 140k? They each have a federal exclusion of 250k, so unless you are strictly talking about WI taxes I do not know where that is coming from.

Generally an "after tax" calculation is not necessary for retirement assets. They are split into separate retirement accounts, pre-tax, and then its up to the individual parties to pay tax on the amount, whenever they choose to take a distribution. Trying to split them taking taxes into consideration is not logical, since know one knows what someone's tax rate will be at the time that they take a distribution from the account.