Divorce is more than just the end of a relationship—it is a legal and financial separation that requires careful decision-making. One of the most challenging aspects of any divorce is the division of assets, as couples must untangle years of shared finances, property, and investments. In Wisconsin, which follows community property laws, marital assets are generally divided fairly, though not always equally. Navigating this process requires an understanding of the law and, often, the guidance of an experienced family lawyer in Milwaukee to ensure a fair outcome.

1. Marital vs. Separate Property: What’s the Difference?

Before dividing assets, it’s essential to determine which property is considered marital and which remains separate:

• Marital Property: Assets and debts acquired during the marriage, including income, real estate, retirement accounts, and businesses. These are typically subject to division.
• Separate Property: Assets owned by one spouse before the marriage, as well as inheritances and gifts received by one spouse alone. However, if separate property has been commingled with marital assets (e.g., depositing an inheritance into a joint bank account), it may become subject to division.

2. Wisconsin’s Community Property Laws

Wisconsin is a community property state, meaning that all marital property is presumed to be equally shared. However, this does not always mean a strict 50/50 division. Instead, courts strive for a fair and equitable distribution based on factors such as:

• The length of the marriage
• Each spouse’s income and earning capacity
• Contributions to the marriage, including homemaking and childcare
• The value of separate assets owned by each spouse
• Tax consequences of the division
• Any history of financial misconduct, such as hiding assets

3. Complex Assets Require Special Consideration

While some assets, like bank accounts, are easy to divide, others require more careful evaluation:

• Real Estate: The marital home may be sold, or one spouse may keep it and compensate the other.
• Retirement Accounts and Pensions: These may require a Qualified Domestic Relations Order (QDRO) to divide properly.
• Businesses and Investments: If a business was built during the marriage, its value must be assessed before division.
• Debts: Credit card debt, mortgages, and loans are also divided as part of the marital estate.

4. Protecting Your Financial Future

A Milwaukee divorce attorney can help ensure that assets are divided fairly, protect against hidden assets, and negotiate favorable terms. If an agreement cannot be reached, a lawyer can represent you in court to fight for your fair share.

Conclusion

Dividing assets in a divorce can be complex and emotionally charged, but understanding Wisconsin’s laws and seeking legal guidance can help protect your financial future. If you are facing divorce, consulting with a skilled divorce lawyer in Milwaukee can ensure that your assets and rights are safeguarded throughout the process.