Property division in Wisconsin divorce law is the process of dividing marital assets and debts between divorcing spouses. It is not a means of determining fault or financial liability for the dissolution of marriage; rather, it seeks to fairly divide assets and debts so that each spouse can begin their new life on equal footing.

Like many other aspects of divorce, property division can be complex. That’s why it’s so important to talk to an experienced divorce attorney. If you’re in the Milwaukee area, contact The Ohiku Law Office. We have extensive experience with marital property division in divorce and would be happy to answer your questions.

How Property Division is Handled in Wisconsin Divorce 

The Wisconsin court system follows an equitable distribution model when dividing assets and debts during a divorce. This means that the court will not necessarily divide everything equally, but will strive to be fair and just when looking at the contributions each spouse made to the marriage. The court will look at factors such as the length of the marriage, the economic circumstances of each spouse, and any contributions made by either party to increase the value of the marital property. Finally, the court will consider any prenuptial agreements or other contracts which would affect distribution.

The difference between marital and non-marital property in Wisconsin divorce law.

In general, marital property is any asset or debt acquired during the marriage, while non-marital property is anything owned prior to the marriage or acquired after separation. Marital property is subject to division during a divorce, while non-marital property must remain with its original owner. Wisconsin law requires all assets and debts acquired during marriage be divided equitably between the spouses, and any prenuptial agreements are also taken into consideration when determining how to divide property. In cases where one spouse has significantly more assets or debts than the other, the court may order a payment of alimony to balance out the division of marital property.

What happens to debt in a Wisconsin divorce?

All debts acquired during the marriage are considered to be jointly owned and must be divided equitably between both parties in a Wisconsin divorce. This includes any credit card debt, mortgages, car loans, student loans, or other financial obligations. The court may consider each party’s contributions to the marital estate when deciding how to divide any debts, as well as any prenuptial agreements that may be in place. It is important to understand that even if only one spouse’s name is on a loan agreement, both parties are still responsible for the repayment of that debt.

How to protect your assets during a Wisconsin divorce.

When going through a divorce in Wisconsin, it is important to take steps to protect your assets. This can include establishing and maintaining separate bank accounts or other financial accounts, as well as avoiding any joint purchases or investments during the proceedings. If you have significant non-marital property, such as inherited items or gifts received prior to marriage, it is important to document this and keep it separate from marital assets. However, it’s crucial to know that it’s not worth “hiding” assets in an effort to keep them, this will only harm you in the long run and lengthen your divorce proceedings. It is wise to seek counsel from an experienced divorce attorney who understands the complexities of property division in Wisconsin divorce law.

In conclusion, it is important for both parties involved in a divorce to understand the role of property division in Wisconsin law and how it affects their rights as they go forward. It is also important for each party to have an experienced Wisconsin divorce attorney on their side who can help protect their interests during the process. With good representation, both parties can walk away from the divorce with a fair settlement that allows them to begin their new life on an equal footing.

Questions? Looking for a divorce lawyer in Milwaukee? Contact The Ohiku Law Office today.