Marital property division can be a challenging part of a divorce as both spouses may have strong feelings Appleton Dividing about their possessions. Also, each spouse needs enough assets to support themselves following their divorce. While you prepare for a divorce, it’s important to take note of the assets and properties that usually cause conflict. This allows you to plan for how to address them with your divorce lawyer in Appleton, WI.
How Wisconsin Divides Property
Divorcing couples in Wisconsin must divide their marital property, which includes everything they acquired during their marriage. Gifts, inheritances, and benefits associated with somebody else’s death are not included. Also, marital property must be divided equally between the divorcing spouses. Sometimes, the 50/50 split can be adjusted according to factors like the length of the marriage, the contributions of every spouse to the marriage, as well as their individual financial needs and earning capacity.
Common Contentious Properties
The following are some contentious marital properties in a divorce:
- The marital home. During a divorce, you and your spouse may find it hard to determine who gets the house. A family court will take into account whether allowing the parent who has more physical placement time with the children to get the house is in the best interest of the children. But when the court decides this, the spouse who gets the house may need to give up a significant share of other marital assets.
- Retirement accounts. All retirement benefits and savings are often considered marital property that should be divided during a divorce. These include those listed in the name of one spouse and funded by their employer. Ensure you consult your lawyer or a financial expert to make sure you can split accounts like IRA, pension benefits, and 401(k) while reducing losses.
- Debts. All debts incurred by either spouse during their marriage must also be divided equally between them. These include credit card debt, student loans, mortgages, and car loans. Thus, you may end up being partially responsible for the debt incurred by your spouse. Think about ways to minimize marital debt before you file for divorce and make sure that any debts you aren’t assigned no longer have your name during the property division.
Remember that allowing the court to decide how your property should be divided during a divorce can result in undesirable outcomes for you and your spouse. While reaching an agreement can be hard, it lets you retain control over the outcome.