Dividing assets in a divorce can make people feel angry, scared and confused, especially if they don't understand how the process works.
In an effort to provide clarity and possibly alleviate some anxiety you might be feeling if you have concerns about asset division in Wisconsin, we will provide an overview of the process in this post.
Which assets get divided?
Broadly speaking, there are two types of property: marital and separate. Property accumulated during a divorce is considered marital and is eligible for division. Separate property is property owned by one person before the marriage and is typically shielded from division. Some assets might start as separate, but can become marital property and therefore eligible for distribution.
How are the assets divided?
Wisconsin is a community property state. This means that, in accordance with state laws, marital property belongs to both spouses equally, so it will be divided in half between spouses in the event of a divorce. You will each receive 50 percent of the marital assets and debts, regardless of factors like who earns more or who how long you were married.
Can I keep specific property?
Keeping specific property is certainly an option. Dividing property doesn't mean you have to sell everything and split the profits in half. If, for instance, you want to keep an expensive piece of artwork, then you might agree to take on more debt obligations or give up other property to keep the balance. This is why proper valuation is crucial in a divorce.
Overcoming the obstacles of property division
Dividing assets in half can be far more complicated than people realize, particularly when there are complex or substantial assets involved. There can be challenges with categorizing property, valuing assets and negotiating a settlement. These obstacles can complicate any divorce, but you can overcome them with the help of an attorney who can fight for the fair settlement you deserve.