Division of Marital Property in Wisconsin
A significant percentage of all marriages end in divorce, and this disheartening fact means that many couples in Wisconsin must address the division of marital property. Wisconsin is a marital property state , which means that all marital property is generally divided equally in divorce. Our Madison, WI divorce attorneys can guide you through this difficult time, and help ensure your rights are represented.
Wis. Stat. 767.61 sets forth the statutory guidelines concerning property subject to division. Under this statute, only a limited type of property items are deemed individual or non-marital. It is critical to remember that property division is determined on a case by case basis. However, there are a number of issues and factual situations that may alter property division in a divorce. Just a few of many examples include:
Length of the marriage.
Commingling of gifted or inherited property with marital property.
Whether and how much property was acquired before the marriage.
Appreciation of the value of property acquired before the marriage.
Debts acquired prior to marriage, such as student loans.
Whether there is a Marital Property Agreement (Prenuptial and/or postnuptial agreement).
Our Madison attorneys can help you determine if an asset or debt is likely to be considered marital property subject to division upon divorce.
How are marital assets and debts distributed in a Wisconsin divorce?
Sometimes, a couple can amicably work out a property division agreement on their own. Marriages that were short or did not involve the accumulation of significant assets or debts may result in little to dispute, and a property settlement agreement can be quickly agreed upon by both parties. Often, however, the court will become involved in the distribution of marital assets. The court begins with the presumption of an equal distribution of marital property, but can consider a number of relevant factors when determining the fair distribution. Such factors include the length of the marriage, the health and earning power of each individual, child-rearing, and any contributions that one party made to the education or career of the other. The court can even consider alimony or maintenance as a factor when dividing the property.
If you are considering divorce, contact the experienced Madison, WI divorce attorneys at Eisenberg Law for a free consultation and to discuss your options and how we can guide you through this challenging time.