Divorce can be challenging not only emotionally, but also financially, as couples will need to work to determine how their shared property will be distributed between the two spouses. You may go into your divorce understanding that you will need to divide your marital assets, but it is important to remember that you will also be expected to divide your debts and to prepare yourself for the impact on your personal finances. In Wisconsin, with few exceptions, assets obtained and debts incurred by either spouse during the marriage are considered shared marital property to be divided equally in a divorce.
Loans Need to Be Paid Off Regardless of Marital Status
It is not uncommon for couples to acquire a lot of property during their marriage. Likewise, they can also rack up a lot of debt due to loans for education, vacation homes, vehicles, furniture, appliances, and even electronic devices such as phones and computers. Some common marital debts that can factor into your divorce settlement or resolution include:
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