If you’re getting divorced and living in Wisconsin, it’s important to understand how state laws affect what happens with your shared home. This post will walk you through each step and offer some tips on protecting yourself throughout the process. At The Ohiku Law Office in Milwaukee, we know that divorce is a difficult thing to go through, so we want to help make sure you get the best outcome possible for your specific situation. If you’re looking for advice or expert legal services, click here to learn more about our work and contact us today.

What happens to the family home in a Wisconsin divorce?

In the state of Wisconsin, divorce follows the “community property” law. This means that any property acquired during the marriage, including the family house, is subject to equal division upon divorce between spouses. In the event that the spouses mutually agree to sell the home, the proceeds will be distributed in equal portions to each party. In situations where one spouse wishes to retain ownership of the home, they must negotiate a compensation package or buyout with their co-owner.

If one spouse wishes to keep the house, they may be required to give up other marital assets to compensate the other spouse. These assets may include savings accounts, investments, retirement accounts, or vehicles. Alternatively, the spouse who wants to keep the house may offer to take on more of the marital debt in return for the house. The parties can also negotiate arrangements that allow one spouse to keep the home for a certain period before it is sold, in which case they would share the proceeds according to the original agreement.

Another option for a spouse who wants to keep the house is to agree to take the house instead of seeking alimony payments. This can work if the house’s value is high enough to support the spouse’s living expenses, or if other assets like investments can be used to provide additional income. However, this option is usually only advisable if the spouse has the financial means to support themselves without the additional support from alimony payments.

Overall, property division in a divorce can be a complicated and contentious process. If one spouse wishes to keep the home, they may need to negotiate with the other spouse or offer other assets in return. However, with the help of an experienced divorce attorney, couples can work out mutually acceptable arrangements that allow each spouse to move forward after a divorce.

How is the value of the house determined in a Wisconsin divorce?

When a couple decides to divorce, one important aspect of the property division process is determining the value of their marital assets, including their home. In Wisconsin, the value of a couple’s home is determined through a property appraisal, which is usually conducted by a licensed professional appraiser.

The appraiser will examine the property and consider factors such as the condition of the property, its location, size, age, and any updates or renovations made to it. These factors help the appraiser to determine the fair market value of the property, which is the estimated price the home is most likely to sell for in the current market.

Once the value of the home has been determined, it then becomes one of many assets that are divided equally between the spouses. In order to divide the asset, one spouse may buy out the other spouse’s share of the home. Alternatively, the couple may decide to sell the home and split the proceeds equally.

It is important to note that occasionally the value of the home may not be a straightforward matter, and disagreements may arise. In these situations, it may become necessary to hire additional professionals, such as real estate analysts, attorneys or expert witnesses, to help reach a decision. These professionals can provide expert testimony in court, adduce evidence of market trends, or explain any unique market aspects that might affect the value of the property.

The role of a mediator or attorney in dividing the property.

While some couples are able to negotiate the division of their property on their own, others may choose to work with a mediator or attorney to help them reach a fair and equitable settlement agreement.

The role of a mediator in property division is to act as a neutral third party who can facilitate communication between the parties and assist them in reaching a mutually acceptable agreement. The mediator can provide guidance on matters related to property division and help clarify any misunderstandings or disputes. Mediators can also help couples achieve a faster and less contentious process and can reduce legal costs in comparison to traditional litigation.

An attorney’s role is to provide legal advice and guidance on issues related to the division of property. They can prepare legal documents, review agreements, and represent their client at court hearings, trials, or appeal cases. However, certain divorce attorneys like our team at Ohiku Law can offer both legal and mediation services.

Overall, whether you choose mediation or legal representation depends on your unique situation. If you and your spouse are committed to finding a collaborative solution, mediation may be the best course of action. If you need legal guidance to ensure that your rights and financial interests are protected, an attorney is likely to be necessary. Regardless of the option you choose, working with a professional can provide a positive outcome for both parties and offer long-lasting benefits.

If you’re looking to learn more or hire an experienced divorce attorney in Milwaukee or surrounding areas, contact The Ohiku Law Office today. Attorney Odalo Ohiku specializes in high-net-worth divorce cases and helps couples just like you work through their divorce with compassion and minimal stress. Click here to learn more.

By Attorney Odalo Ohiku, Owner of Ohiku Law Office

Attorney Odalo Ohiku is a dedicated and experienced lawyer who focuses on divorce law, family law, and custody and placement for high-net-worth individuals in the Greater Milwaukee area. A trained mediator and arbitrator, Attorney Ohiku has the skill set, experience, and perspective to help clients safeguard their interests while minimizing the stress, anxiety, and conflict that can come with divorce. Attorney Ohiku’s credentials are exemplary: he has been honored as a “Top 40 under 40” by both The American Society of Legal Advocates and The National Trial Lawyers, served as Chair of the Wisconsin State Bar Board of Governors, and earned the President Award from the Wisconsin State Bar. He is passionate about his work in safeguarding families, ensuring that they can maintain the lives they have worked hard to build.