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Wisconsin is among the states considered to be under the community property law. Simply put, in the event of a divorce, all properties purchased during marriage, may it be monetary or real property, is evenly divided between the two
parties. This rule also applies for debts. Therefore, any prenuptial agreements are unacceptable and invalid.
Related Concerns on Property and Debt Division
Reaching a decision as to who gets a particular property and who pays for what, no doubt, is the most difficult aspect of a divorce process. Even couples who want an amicable divorce process may still be faced with a challenge when it
comes to property and debt division. Listed below are the most common concerns involved in property and debt division.
Separate Property
Considered to be separate property of one spouse, this type of property is brought into the marriage. Other samples of separate properties are gifts given to a spouse and inheritances. In the event that a spouse can prove that he has
contributed his separate property to acquire a specific community asset, he has every right to receive reimbursement for the contribution of said community asset. A good example is if you use separate funds from your separate property to
purchase a car or house during marriage.
Community Property
Community property refers to all properties obtained by both spouses during the time of their marriage. Regardless of who has contributed the most to the properties, everything must be divided equally in the event of a divorce.
Pension
All pension benefits credited to one spouse during time of marriage is already considered by the court as community property. Therefore, this is also subject to property division.
Liquidity
If one spouse is granted ownership of the house, when it comes to property division, it is very important for the division to also allocate cash for payment property taxes and other related property maintenance.
Protection of Assets
There are cases where one particular asset is better suited for a particular spouse rather than to the other. Make sure to refer to your lawyer about such cases. For example, a spouse working as teacher would be better off getting the
stock portfolio, something that can be converted easily to cash. On the other hand, a spouse with a career as a doctor has possibilities of facing possible lawsuits in the future. In this case, he’s better off getting pension benefits
instead.
Division of assets during a divorce can be quite complicated. There are certain matters that only a knowledgeable lawyer can help you with. This way, you will be assured that you have a skillful professional on your side to make sure
that businesses, securities, pensions and other properties are properly evaluated. In some cases, it’s not unusual for a spouse to keep certain assets a secret, or simply conceal their true value. In such instances, this should give you
more reasons to hire a divorce lawyer to defend your rights on proper and righteous asset division.
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Learn more about subject:
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