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Bucher Law Group, LLC

How Will Property Be Divided During My Wisconsin Divorce?

Posted on in Divorce/Family Law

Waukesha County property division attorney

Getting a divorce can be stressful for many reasons, but one of the leading causes of this anxiety can be the financial side of things. While many spouses may experience financial difficulties during their marriage, these issues can also follow a person during and after their divorce. When you file for divorce, you must separate yourself entirely from your spouse. This can sometimes prove to be difficult, especially because many married couples have joint bank accounts, assets, credit cards, and other debts. Wisconsin is a community property state, meaning all assets, income, and debt are considered the property of both spouses and must be divided between them during a divorce.

Determining Property to Be Divided

If you and your spouse each acquired certain property before your marriage, that property will be considered separate, non-marital property that is not subject to division during divorce. Any assets or debts acquired during your marriage are considered marital property under Wisconsin law. All marital property, including assets you own and debts you owe, is subject to division between the two of you. However, there are a few exceptions to that rule. Wisconsin law states that any property acquired as a gift from another person or through the death of another person remains the property of the specified spouse, no matter when the property was acquired.

Dividing the Property

Wisconsin courts strongly encourage you and your spouse to attempt to come to an agreement about property division on your own. While this gives you more control over the outcome, it is not always feasible. If you and your spouse are unable to come to a decision, the distribution of your marital property will be left up to the courts. The court will presume that both spouses are entitled to half of the marital property, but they can use a variety of factors to determine whether or not to alter that distribution. These factors include:

  • The length of the marriage

  • The property that each spouse brought into the marriage

  • The contributions that each spouse made to the marriage, including caring for children

  • The age and health of each spouse

  • The earning capacity of each spouse

  • The tax consequences for each spouse

Contact a Walworth County Divorce Attorney 

Divorce can be a very complicated legal process. Even just one mistake can affect your settlement and impact the rest of your life. If you are considering filing for divorce, you should speak with a skilled Racine County property division lawyer who can help protect your rights to marital property. At the Bucher Law Group, LLC, we help clients weigh the pros and cons of their decisions throughout the divorce proceedings. Call our office today at 262-303-4916 to schedule a free consultation.

Source:

https://docs.legis.wisconsin.gov/statutes/statutes/767/VII/61

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