Brookfield, WI Property Division Attorneys
Whether you were married to your spouse for one year, 10 years, or 30 years, chances are that you obtained a significant amount of property together. When divorce is inevitable, it is not uncommon for individuals to think about how that property will be divided. Who will get the king-sized mattress with both their indents on either side of the bed? Who will get the antique dining table they acquired as a wedding gift? What about the family home, which was a shell before the parties, as a team, turned it into the warm and inviting abode it is today? There will be many pieces of property (and, more specifically, liabilities) which neither party will want, but many more to which both will feel entitled. How will they decide who gets what?
In an ideal situation, parties of a divorce would be able to agree on how assets and liabilities were divided. Unfortunately, divorce rarely goes according to plan. More often than not, the property division phase of divorce is the most time consuming, and the most costly. Our Brookfield, WI, property division lawyers at MacGillis Wiemer, LLC, are prepared to provide the high level support you need to obtain a favorable outcome at this crucial stage of divorce. To learn more about how we can help you, contact our law firm today.
Wisconsin is a Community Property State
Wisconsin is one of nine states in the union that is a community property state, meaning that it divides marital property 50/50. This system differs from an equitable distribution system in that it does not take into consideration who contributed what in the union; rather, it is only concerned with whether or not assets were acquired during the marriage. If assets, income, or debt were acquired during the marriage, it is automatically considered community property and subject to division.
Of course, there are exceptions to community property laws. In Wisconsin, the following assets are subject for review and, given the right argument, exempt from distribution:
- Financial accounts;
- Real and personal property;
- Retirement and pension plans; and
- Business interests.
If you own any of the aforementioned types of property, your Brookfield, WI, property division lawyer can help you establish said property as separate property and ensure that it is not subject to division. That said, even if you do not own any of the aforementioned assets, the right lawyer can work with you to identify items exempt from community property laws (such as inheritances and gifts), those brought to the marriage, and those acquired during the marriage. We will then put together a list of all property and debts and ensure that the final judgement is as fair as possible.
Contact Our Brookfield, WI Lawyers Today
At MacGillis Wiemer, LLC, we understand that the division of property can quickly become complicated. Our Brookfield, WI, property division lawyers can help value community property, identify separate property, and obtain the fairest possible settlement for clients. To work with an attorney who understands that every situation is unique and who will use his or her litigation and communication skills to negotiate a fair outcome, contact our Brookfield, WI, attorneys today.