Fair Property Division in Wisconsin
The process of dividing marital property and debt, can become an unexpected source of frustration, anxiety, and grief. The things we acquire throughout a marriage, often during happier times, can be difficult to deal with. It's more than just “stuff“, and many of our clients simply don't know where to begin.
Fortunately, we can help.
We will walk you through the steps and tools, help you prioritize your finances, debt, and property, and take the time to understand the things in your life that matter the most. A simple plan, built around you, so you can move forward.
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Get your WI property division worksheet here. Document property, assets, and debts. Think through how you want to equalize your property division, and avoid a lengthy battle in court.
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Frequently Asked Questions
What are the steps in the process of property division?
The first step in property division in divorce is to identify all the assets. Then, make sure you identify what is marital property and what is separate property. Third, determine how much each asset is worth. Finally, decide who gets what and distribute the assets.
How do you divide real property?
Most physical pieces of property are split 50/50. How this happens depends on the relationship you have with your ex. If you can speak with them, then you can work together to split the property. Start with the things that are most important to each of you, then go room by room figuring out who needs what.
How do you split your marital property?
Marital property is split evenly between parties. Evenly means what one party is taking should be roughly equivalent in value to what the other party gets. Do this methodically using a property division worksheet.
Who divides property?
Parties first try to divide property on their own. When this doesn’t work, the court gets involved by sending them to mediation. When mediation fails, the court makes a decision on any remaining assets.
Is WI a 50/50 divorce state?
Wisconsin is a community property state, which is also known as a 50/50 state. This means all marital property is split evenly. However, some property is not marital property, and that property is not split.
What assets cannot be split in a divorce?
Inheritances, premarital assets, and post-separation assets are not marital property. This means that they are not split in the property division process because they are owned only by one party. However, non-marital property can become commingled, making an asset marital property.
How do you split a house in a separation?
There are three options on how to deal with the marital home in a divorce. First, the house could be sold and the money from the sale can be split. Or, one person can keep the house and buy out the other party’s half. Or, the house can continue to be co-owned.
Does the length of marriage affect the divorce settlement?
The length of the marriage can affect the divorce settlement because items are more likely to be considered marital property in a long-term marriage. So, in a short-term marriage, it’s harder for someone to claim they deserve half the other party’s estate.
How do you separate assets without divorce?
There isn’t a legal process to separate assets when you are separating from your spouse without divorcing them. However, you can follow the same steps in the standard property division process.