Divorce can be a complex journey, especially when it comes to dividing property. Unlike many states that use “equitable distribution,” Wisconsin adheres to community property laws. This means that spouses share marital assets and debts equally.
This approach can significantly impact both spouses, regardless of who earned more or accumulated more assets during the marriage. Understanding these rules is crucial for anyone going through a divorce in Wisconsin.
You can create your own property division plan
When it comes to dividing property, your divorce can be either contested or uncontested. In an uncontested divorce, both spouses agree on how to divide their property. This allows you to create a distribution plan that suits both parties, often leading to a smoother and quicker process.
What property stays separate?
While the presumption is a 50/50 split, there are exceptions. Some property is considered separate and not subject to division, including:
- Property inherited by one spouse
- Gifts to one spouse
- Property owned before marriage stays with the original owner
It’s essential to note that these assets can be subject to division if used to pay shared expenses or deposited into joint accounts.
What happens if you don’t agree?
The court steps in if you and your spouse can’t reach an agreement on property division. Several factors influence the outcome, such as:
- Length of the marriage
- Each spouse’s contribution
- Age and health of each spouse
- Tax consequences
The court aims for an equitable solution, even if it means awarding property to one spouse and cash to another.
Protecting your future financial health
Protecting your property rights can be challenging, which is why help from a skilled divorce attorney can be invaluable. They can guide you through the complexities of Wisconsin’s laws and advocate for your interests.
An experienced attorney can help you understand community property rules and work to achieve a fair outcome. They can negotiate on your behalf, ensuring your voice is heard to protect your property rights.