If a settlement cannot be reached between the parties and their Milwaukee divorce attorneys as to how the marital assets are to be divided, then the court will divide them with the presumption that they are to be distributed on a 50/50 basis. Marital assets are also referred to as marital property. These assets can include a home, cars, furniture, business owned by the parties, jewelry, art, investments, and retirement accounts and 401(k)s. Any marital asset, whether purchased before or during the marriage, will be deemed marital property, even if it was put only in one party's name. For example, even if your name does not appear on the title to a vehicle purchased by your spouse, you are entitled to half of that marital asset.
There are exceptions to the 50/50 property distribution rule. Any property acquired by inheritance or gifted to one party can be excluded from division; however, if the value of any of the non-marital property increases during the marriage, then the increase in value may be considered marital property. If a spouse chose to use non-marital funds for a common purpose, such as buying a home, then that money can be considered marital property. Also, any property that was excluded by a pre-nuptial agreement will not be included if that is fair at the time of divorce.
A family law judge can alter the marital property division based upon the following factors:
The value of many marital assets, such as a bank account, will be obvious during divorce proceedings. Other assets may require a professional appraiser. In many cases, one party will attempt to hide marital assets or undervalue them in an attempt to cheat the other person out of his or her fair share. At John T. Fields & Associates, we have more than 25 years of experience in making sure our clients are not taken advantage of when dividing assets in divorce. We also maintain relationships with professionals in the areas of business valuation, real estate, and property appraisal who can be call upon to provide assessments or expert testimony. Our Milwaukee property division lawyer is willing to do anything it takes to get the result you deserve. We fight for your best interests like a pitbull. If you have questions or concerns about your situation, do not hesitate to contact John T. Fields & Associates, LLC right away! Complete a free case evaluation form to get started.