Experienced Wauwatosa Asset And Property Division Lawyers
Divorce is a challenging process involving making critical decisions about dividing assets and property. In Wisconsin, understanding the principles governing asset division is essential for those considering this step.
Schmidlkofer, Toth, Loeb & Drosen, LLC, is committed to guiding you through these complexities with clarity and confidence. Whether you need help identifying marital assets, evaluating the marital estate, or understanding how separate bank accounts and other assets are treated, our experienced attorneys are here to provide personalized support tailored to your needs.
Asset And Property Division In Wauwatosa
Asset and property division is a crucial aspect of divorce or separation, affecting both parties’ financial futures. Fair distribution is essential to ensure that each person can maintain economic stability and rebuild their lives independently.
Understanding Wisconsin’s approach to asset division is vital for those considering divorce. Wisconsin is a community property state, meaning that most assets and debts accumulated during the marriage are jointly owned. This generally leads to an equal division between spouses.
That said, state courts try to be fair when dividing property. They look at different things that might make an unequal split reasonable, such as:
- Length of the marriage: Longer relationships may result in a more complex division, considering shared investments and contributions over time.
- Contributions by each spouse: This includes financial and nonfinancial contributions, such as homemaking and raising children.
- Future earning potential: The court may consider each spouse’s ability to earn income after the divorce, which can impact property division.
Our law firm in Wauwatosa is committed to guiding you through the intricacies of asset and property division. We provide personalized legal advice tailored to your unique situation.
Identifying Marital Vs. Separate Property
Identifying marital and separate property in your relationship is crucial when dividing assets during a divorce. In Wisconsin, which is a community property state, courts split marital property equally between both spouses. However, judges might look at how much each spouse contributed to the marriage and their future ability to earn money to ensure the division is fair.
Marital estate includes assets acquired by either spouse during the marriage, including cars, furniture and savings. Contributions to retirement accounts during the marriage are marital property, even if the account is in one spouse’s name. Real estate properties acquired during the marriage, whether jointly or individually titled, are part of the marital estate.
Meanwhile, separate properties are things that belong to just one spouse. This can include inheritance or gifts received by one spouse, items or money owned before the marriage and things acquired after the couple has separated.
These are generally not subject to division during divorce, allowing the owning spouse to retain complete control over these assets. However, if the separate property has been mixed with marital property, it may be reclassified.
Questions Clients Are Asking About Property Division
Understanding asset division during a divorce is crucial for ensuring fair outcomes. Here are answers to some common questions about asset division in Wisconsin:
What is asset division in Wisconsin divorce?
In Wisconsin, asset division during divorce follows the principle of “community property.” This means that most items acquired during the marriage are jointly owned, and a judge will divide them equally between the spouses. The court may take into account various factors, such as the length of the marriage, each spouse’s contributions and their future earning potential, to ensure fairness in the division.
Are separate bank accounts marital property in Wisconsin?
Separate bank accounts can be marital property if funds were acquired during the marriage. If the account contains money earned or saved before the marriage or after separation, it can be separate property. However, if you put marital funds into the account or use them for marital expenses, they might be considered part of the marital estate.
What is marital property in Wisconsin?
Marital property in Wisconsin includes assets acquired by either spouse during the marriage. This encompasses a wide range of items such as marital assets, real estate, retirement accounts, vehicles, and personal belongings purchased or invested in during the marriage.
If you have questions or need assistance with asset division during a divorce, our law firm is here to provide guidance and support tailored to your unique situation.
Contact Schmidlkofer, Toth, Loeb & Drosen, LLC, And Let Our Property Division Lawyers Help
We understand that asset division can be complex and sensitive, requiring careful attention to detail and a thorough understanding of legal and emotional aspects. Our goal is to support you in achieving a fair division of property that reflects your contributions and secures your financial future.
Trust our divorce attorneys to help you face these challenges. They can help protect your rights and represent you in court if necessary. Their support can make the process clearer and less stressful. Call our Wauwatosa law office at 414-250-8548 or complete this intake form to schedule a free initial appointment.