Division of Assets
Premier Milwaukee Divorce Attorneys Protect Your Rights and Property During Division of Assets
Trust experienced divorce litigators for innovative division of asset strategies
When a marriage ends, many spouses seeking to divorce not only find themselves disagreeing about how to divide property, but unclear as to what property they are permitted to retain ownership of under state law. As Wisconsin is one of only nine community property states which mandate that each spouse is entitled to half of all marital assets, reaching a judgment on such property matters can be one of the most important aspects of the divorce process.
At the law offices of MacGillis Wiemer LLC, our skilled Wisconsin divorce attorneys have more than twenty years of combined experience and are well-versed in the process of division of assets. We are dedicated to protecting your rights and your property. Trust our aggressive litigators to secure the property division settlement to which you are entitled.
What property is subject to division by the court?
In a divorce, property is classified as either marital property or individual property. Individual property is property owned by one spouse before the marriage, or property given to one spouse as a gift or an inheritance. All other property is considered marital property, and all property is presumed to be marital property by Wisconsin family courts unless a spouse can provide proof showing otherwise—and even with such proof, can still be considered marital property if it was used to benefit the marriage.
As a result, property subject to division in a divorce can include:
- Real estate
- Bank accounts
- Retirement benefits
- Home furnishings
Even debt is subject to equal division between divorcing spouses, regardless of whether both spouses were aware of the debt.
What factors determine how property is divided in a divorce?
If divorcing Wisconsin spouses are able to agree on how to divide marital assets, whether by mutual assent or through mediation, litigation can be avoided upon court approval of the settlement agreement. However, should you be unable to reach such an agreement, a Wisconsin family court then determines a way to divide all the marital assets as equally as possible, taking into account such factors as:
- The duration of the marriage
- The property each spouse brought into the marriage
- The individual property owned by each spouse not subject to division
- The age of the spouse, as well as their physical and emotional health
- The relative contributions each spouse made to the marriage
- The earning capacity of each spouse, based on education and marketable skills
- The tax consequences of each division option
- The existence of any existing property agreements, including prenuptial agreements
- The amount and duration of any maintenance and child support payments from one spouse to the other
In addition, when a divorcing couple disagree on the value of a particular asset or assets, a judge will order an appraisal of that asset.
Let a knowledgeable Milwaukee divorce attorney help you with effective division of assets
At the law firm of MacGillis Wiemer LLC, our experienced team of Milwaukee divorce attorneys are ready to step in and help you reach the property and asset settlement you want. Even when a divorce is amicable, it still may not be possible for both spouses to reach an equitable agreement on the division of assets. Trust an accomplished litigator to work hard and protect your rights through the entire process. Our offices are conveniently located on West Bluemound Road, close to exit 304 on I-94. Contact us online or call (414) 727-5150 to make an appointment.