Separation is never a pleasant experience. But what adds more to this painful experience is the division of the assets and debts. Property division is the major cause of stress and conflict in most divorce cases. Marital property is presumed to be divided equally between the divorcing parties in Wisconsin, but may alter this distribution based on many different factors. Often you may hear that Wisconsin is one of a few community property states in the U.S., but property division is not as simple as 50/50. You should seek help from our divorce lawyers in Milwaukee to avoid a financial disaster after the separation. Our divorce attorney is a Certified Divorce Financial Analyst, and in this blog post, we’ll share some basic information to make the property division smoother for both spouses.
[Photo credit: PlusLexia.]
Understanding Property Division in Divorce
Marital assets may include anything that has a monetary value. This may include real estate, vehicles, furniture, clothing, stocks, patents, businesses, back accounts, cash, and pension plans.
3 Ways to Divide Assets and Debt
Property division involves discussion and may involve stressful negotiations. However, if you and your spouse have a good understanding, you can avoid the hassle. Here are three easy ways to deal with property division.
- Settlement Negotiations – If you and your partner are ready to negotiate a resolution, it’s good for both of you. You can make decisions and our Milwaukee County divorce attorney can draft the divorce settlement agreement, and help you have it approved by the judge.
- Utilize Mediation – If you both are ready for the negotiation but need help to resolve the conflicts in some issues, you can use mediation. Our top-rated divorce attorney knows the mediators you need and can help you through every step of the mediation process.
- Go to the Court – When you can’t work it out yourself or with the mediator’s help, the last option is to litigate and leave the decision to the court.Here you will need one of the best attorneys in the area to represent you in order to convince the judge to make a decision in your best interest.
In sum, property division can be determined by the parties, and if the agreement is fair and equitable, the court will approve the terms of the agreement and grant a judgment of divorce. If there are disagreements, the court will need to address numerous factors and make a decision as to what is most equitable.
Factors Affecting the Property Division
Our top rated divorce attorney handles complex property division cases in Milwaukee and Waukesha Counties. The court will likely exclude gifts and inheritance and may decide a 50-50 split of assets is appropriate in long term marriages. However, judges also consider the following factors for the property division.
- Length of the marriage.
- Property brought to the marriage by each party.
- Income of each party.
- Contribution of each party to the marriage (income spent on bills, groceries, childcare, and more)
- Physical & emotional health and age of both the parties
- Contribution of one party to education, training, or increased earning power of the other party.
- Other economic situations of each party.
- Any other agreements made by both the parties before or during the marriage.
- Tax consequences to each party.
- Such other factors that the court determines relevant
Seek Legal Advice from Magner and Hueneke LLP
A skilled divorce and family law attorney ensures that you receive the correct property division. So, whether you are looking for a high asset divorce attorney or need other legal advice to protect your financial interests, you can seek help from Magner and Hueneke LLP. We are known as Milwaukee’s top-rated divorce attorneys. Our property division attorneys have extensive knowledge and experience to guide clients through the legal process of divorce. Our divorce and family law attorney is a Certified Divorce Financial Analyst and has specialized training necessary to get you the best possible outcome.
