Divorce is a difficult and emotional process, and it can be even more stressful when it comes to dividing property. Wisconsin is a community property state, which means the law requires an equal division of all marital assets and property between the divorcing parties. This article will discuss how property is divided in a divorce in Wisconsin.
Marital Property in Wisconsin
Marital property refers to any assets acquired by either spouse during the course of the marriage. This includes real estate, personal property, investments, and retirement accounts. In Wisconsin, all marital property is subject to division between the spouses in the event of a divorce.
Separate Property in Wisconsin
In addition to marital property, some property may be considered separate property, which is not subject to division between the divorcing parties. Separate property includes assets that were owned individually prior to the marriage and did not become commingled with marital assets.
Equitable Division of Property in Wisconsin
In Wisconsin, property division during a divorce is considered equitable and not always equal. The court will examine many factors when it comes to dividing property, including:
- The length of the marriage
- Each spouse’s contribution to the marriage
- Each spouse’s earning capacity and financial resources
- The age and health of each spouse
- Tax consequences related to the property division
- Any prenuptial agreements between the parties
- Any other relevant factors
Property Division Agreements
In some cases, the divorcing parties may reach a property division agreement outside of court. If this is the case, the agreement must be in writing and approved by the court. The court will ensure that the agreement is fair and equitable before approving it. If the parties cannot agree on property division, the court will make the decision for them.
Division of Marital Home
One of the biggest and often most complicated assets involved in a divorce is the marital home. If the parties cannot agree on the sale or transfer of the home, the court may order one party to buy the other out, sell the home and divide the profits, or order the home to be transferred to one party in exchange for other assets.
Working With an Attorney
Property division during a divorce can be complex, especially when it comes to the value of assets such as real estate, investments, and business interests. Working with an experienced divorce attorney can help ensure that your interests are protected and that you receive a fair and equitable division of property during your divorce.
Divorces can be complicated and often contentious, but understanding how property is divided in Wisconsin can provide clarity and peace of mind during a difficult time. By working with an experienced attorney, you can navigate the property division process with confidence and ensure that your interests are protected.