Property division is often one of the biggest sources of conflict couples encounter during a divorce. The idea that both parties will agree on how to divide their marital property is often easier said than done. For help negotiating the distribution of assets in your divorce, turn to a skilled attorney for guidance.
Reach out to us at Schwei & Wendt, S.C. when you need to pursue a favorable to your property division issue. Our divorce attorney is prepared to act as your dedicated advocate from start to finish. Schedule a free consultation today at our office in Waukesha, Wisconsin. We also represent clients in the surrounding areas of Brookfield, Delafield, Hartland, and New Berlin.
As a community property state, Wisconsin divides marital property equally between both spouses. Property division can happen in one of two ways. You and your spouse can come up with a solution outside of court, or, if you’re unable to agree, you can take the case to trial. The court will then divide the property as it best fits the situation.
Although a 50/50 division of assets is the standard for Wisconsin divorces, the law allows a court to decide an alternate option if it believes it is warranted. When determining how to divide marital property, the court will consider several factors, including:
The length of the marriage
The property each spouse brought into the marriage
The age, physical, and emotional health of the spouses
Each spouse's contributions to the marriage
Any substantial assets not subject to division by the court
Each spouse's earning capacity
One spouse's contribution to the education, training, or increased earning potential of the other
At Schwei & Wendt, S.C., our attorney has the skills to help you fight for a fair portion of your marital property. Learn more by contacting us in Waukesha, Wisconsin.
In terms of divorce, property division only applies to marital property. Any property a couple acquires during the extent of their marriage is considered marital property. This could include:
Cash and bank accounts
Pension plans and 401(k)s
Life insurance policies (with cash value)
Your individual property — sometimes called “separate” property — is not subject to distribution. This includes any assets you owned prior to your marriage, such as any inheritances or gifts. In order to protect your individual property, it’s important to make sure it isn’t commingled with your marital property.
One of the ways individual property can become commingled into marital property is by the addition of substantial labor from your spouse. For example, if you owned a business before getting married, and your spouse later contributed significantly to its growth, he or she may receive a portion of its assets.
If you and your spouse co-own a business, it will likely be difficult to decide how to divide it. Your first step should be obtaining a business valuation so that you can know how much it is worth.
Once you have a definitive value, the two of you can discuss the best way to address your business assets in the divorce. For example, you may choose to forgo other high-value assets in order to retain full possession of your business. If you both want to maintain a portion of the business, you may be able to negotiate a compromise. If the burden of dividing your business assets becomes too difficult, you may decide it’s best to sell it and divide the profits between the two of you.
A fair division of property can give you the sense of financial security you need as you start this new chapter of your life. Let our attorney at Schwei & Wendt, S.C. help you pursue it. Get in touch with us today to schedule a free consultation in Waukesha, Wisconsin. We represent clients throughout the area, including Brookfield, Delafield, Hartland, and New Berlin.
When it comes to property division, things between you and your spouse can quickly become complicated. Start working with an experienced attorney who can help you pursue the solution you need for a secure financial future. Contact us today at Schwei & Wendt, S.C. in Waukesha, Wisconsin, to set you up with a free consultation.