Frequently Asked Questions About Property Division
What Property Will Be Divided During My Divorce?
Property division can be complicated. During divorce, only marital assets are divided between spouses. Marital assets can include almost any property gained by either spouse during marriage, including personal incomes, retirement accounts, bank accounts and houses.
Separate assets can be awarded in full to one spouse or the other. Separate assets include personal gifts, inheritances, assets detailed in a pre- or postnuptial agreement, property owned prior to marriage and property gained after separation. However, this can be difficult to determine.
How Is Property Divided In Wisconsin?
While most states divide spouses’ property equitably during a divorce settlement, Wisconsin follows community property laws. Under this system, the court starts with the proposition that all property and debts will be split 50-50.
Do We Have To Divide Assets 50-50?
While the court generally favors a 50-50 split, they may take some extenuating circumstances into account. These can include the length of your marriage, age, mental and physical health, earning potential, and whether a spouse has a significant amount of separate property to provide for their own financial security.