Wisconsin Divorce & Finances
The separation of joint finances during divorce is a task that can create a great deal of anxiety and uncertainty for the parties. It’s natural that you might have some questions about the process. How will your property be divided? What will the effects be on your tax situation? Are there estate planning issues that you and your ex-spouse will need to settle? How about spousal support? Will it be awarded, and if so, what will the parameters of the award be? The following headings offer some answers to these questions, and address laws specific to Wisconsin divorce and finances.
Wisconsin Property Division/Community Property/Debts:
Wisconsin is a “community property” state, meaning that all property that was acquired during the time of the marriage is considered community property and is divided equally, 50/50, unless the parties are able to come to their own agreement separately. When the court must decide, it considers the nature of the community property, separate property, length of the marriage, and economic circumstances of the spouses, among other factors.
Wisconsin Spousal Support:
There is no automatic obligation for either spouse to support the other in the event of a divorce. Where the court does grant spousal support (also called maintenance), it does so on a case-by-case basis, and in consideration of many factors, including:
- The financial resources of the party seeking maintenance;
- The time and input of resources necessary for the party seeking maintenance to find appropriate employment and sufficient education/training for that employment;
- The established subjective standard of living during the marriage;
- Marriage duration;
- Physical and emotional condition of the party seeking maintenance; and
- The ability of the proposed supporting spouse to meet his/her own needs while meeting those of the other spouse.
Wisconsin Divorce/Child Support/Child Custody Lawyers:
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