Milwaukee Divorce: Who Gets The Assets?
Nothing can ever fix the trauma of a broken marriage, but life needs a fresh start. While divorce is never an easy decision, it makes sense to take all steps considering your personal rights and the wellness of the entire family. Child custody and child support are often major issues between separating parents, but there is another aspect that often crops up in Milwaukee divorce – the distribution of assets. What happens when you and your spouse own considerable assets? Who gets the family home and vacation properties? What about bank accounts?
Firstly, it is important to address that no two divorces are alike, and therefore, the answers largely depend on several aspects that are unique to your case. Consider meeting a Milwaukee divorce attorney in advance about the process so that you understand the legal options. In this post, we are discussing the distribution of assets.
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Wisconsin is a community property state
Wisconsin is one of the community property states. In the rest of the other states, assets, debts, and properties owned by a couple are distributed equitably during a divorce. On the contrary, everything is distributed equally in a community property state. Equitable distribution refers to a fair split between the parties considering all aspects and circumstances, while in the other nine states, the division is usually straightforward and irrespective of typical situations.
Assets you and your spouse have acquired during the marriage will be treated as community property, which means both parties get an equal share. There are exceptions to this, however, such as if you have inherited assets through your side of the family and third-party gifts. In rare circumstances, the judge may consider giving a decision that doesn’t adhere to the “community property” norm.
Talk to a lawyer
Even with the community property norm, people often have the most challenging time dealing with asset distribution during a divorce. Before you file the papers, talk to an attorney who can tell you better about the possible outcomes. Look for law firms in Milwaukee that deal specifically with high-net divorces and similar cases so that you have the expertise and experience of a qualified legal team. Divorce lawyers usually charge a fixed price or an hourly rate for different cases, depending on whether the process is likely to be uncontested or contested.
When you have your entire life at stake, nothing is worse than taking chances. Work with an attorney to protect your interests and everything you truly deserve.