The law recognizes that the marriage is a partnership and if that partnership is dissolved, all marital assets and liabilities should be divided 50/50. The exceptions to this are any property received as a gift or inheritance. This property is not subject to division so long as it is kept separate.
Wisconsin Divorce Property Division
When property is being divided, the court considers outside circumstances before splitting everything 50/50. Some of these factors include:
- The length of marriage
- The property brought to the marriage by each party
- Whether one of the parties has substantial assets not subject to division by the court
- The contribution of each party to the marriage
- The economic value to each party's contribution in home making and child care services
- The age and physical and emotional health of each parties
- The contribution by one party to the education, training or increased earning power of the other
- The earning capacity of each party, including educational background, training, employment skills, work experience, length of absence from the job market
- Custodial responsibilities for children
It is important to be honest to the court and your attorney regarding your assets and property. Contact the family law attorneys at John T. Fields and Associates for assistant in your divorce and to make sure you get the assets you are entitled too.
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Madison Area Office: (608) 260-7370