Choosing to end a marriage is never easy. Aside from the emotional challenges that you will have to navigate on your own, you must also make decisions about your divorce that can help safeguard your financial future.
To help equip you with better insight into this legal process, here are two frequently asked questions about property division in Wisconsin.
How does Wisconsin divide marital property?
Wisconsin is one of nine states that are governed by “community property” laws. Under this principle, any asset or debt accumulated throughout your marriage belongs to you and your spouse.
During your divorce proceedings, the court will attempt to divide your marital property equally, irrespective of whose name is on the title of a particular asset. Five common examples of these are personal property, joint bank accounts, earned income from employment, real estate property and retirement accounts.
Are there other factors that can influence the property division process?
While state law presumes an equal split of marital property, courts can deviate from this principle by considering other key factors, such as:
- Length of marriage
- Age and health
- Earning capacity and education
- Homemaking contributions
- Other economic circumstances
However, if you have a valid prenuptial or postnuptial agreement, the court will seek to divide your marital property according to the terms of your legal document.
While going through a divorce can be an emotionally challenging experience, you need to remind yourself that you are not alone on this journey. By accessing online resources and seeking the help of a lawyer, you can safeguard your rights and ensure that your financial needs and interests will be protected.