Real Estate In Divorce
Real estate is real property and includes land and the buildings permanently affixed upon that land. Wisconsin divorce law requires real estate to be accounted for, a value agreed to or determined by the court and awarded to a party or both of them. The award of real estate requires certain documents to be executed and recorded, and the award of real estate can affect credit where there is one or more mortgages secured by the property. The division of all property is stated in the marital property agreement.
All assets, including real property, and the primary home, as well as vacation homes and unimproved lots, must be listed on the financial disclosure statement for both spouses. Even if you and your spouse stipulate the terms of your divorce, those assets must be listed on the financial disclosure form. Inherited and gifted property is disclosed on the financial disclosure statement. The financial disclosure statement is to be sealed from the public by statutory requirement.