Marital property agreements provide the terms
of property agreements between spouses. In the event of
death, the marital property agreement reflects the deceased
partner's agreement with the living spouse about their joint
property.
If the marriage ends in divorce,
Wisconsin law about property owned by married people requires
that the assets of the marriage be divided equally between
the spouses. The assets of a marriage are usually held in
the form of real estate,
automobiles, and financial
investments, but may include any form of asset and even
intellectual property rights. The division begins by adding
together all of the assets of the marriage as they are provided
on the Financial
Disclosure Form, and then allocating those assets to
the spouses to provide each spouse with approximately one
half of the total assets. The law does not require that
each asset be divided in half.
Essentially, the division of assets is equal,
but the division may be disproportionate at the time of
the divorce. For example, one spouse might be awarded the
family's home, and
the other spouse might be awarded a pension
plan. At the time that the award is made, the home may
be worth twice as much as the pension plan, but when the
pension plan completely vests, the two assets may be approximately
equal. It is very important for each spouse to fully disclose
all assets to the court.
Can Marital Property Agreements Be Unequal?
Disproportionate asset division occurs under
other circumstances, too, such as when one party has maintained
the home and developed no further employable skills, while
the other party has held progressive managerial positions.
In those situations, the courts might award the home to
the spouse who has custody
of the children, along with the financial means to support
the home, usually through family
maintenance.
What Do I Do Next?
If you are contemplating divorce, a consultation
with Attorney
Reiley will help you understand Wisconsin
Divorce Law and how that law can affect your individual
situation.
If you are prepared to move forward with a
divorce, Attorney
Reiley is prepared to help you. Often times, Attorney
Reiley's clients remark that they were relieved to get their
humor back at the end of the divorce proceedings.
Whether you are embarking upon a heated and
heavily contested divorce, a mutually desired stipulated
divorce, or need the services of a mediator to mediate an
issue or prepare you for a mediation hearing, you will undoubtedly
appreciate the trial and mediation record of Attorney
Kathleen Reiley.
Call Attorney Kathleen Reiley (608-246-8309)
or send Kathleen
Reiley an email.
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