Milwaukee Attorneys Guiding Wisconsin Citizens Through Difficult Times
Trusted legal representation helping you safeguard your assets after a divorce
Not only is divorce difficult emotionally, but dividing your marital property and assets can be complicated and stressful. At Hart Law Office, we understand the law and what it means for your property. Our knowledgeable and experienced divorce attorneys work with you and your spouse to achieve a fair distribution of property.
Helping you protect individual property and equitably divide marital property
During divorce, property is considered to be one of the following:
- Individual property: Individual property is anything you acquired before the marriage or during the marriage as a gift or inheritance. This property belongs to you and is not subject to a claim of ownership by your spouse.
- Marital property: This is property that you, or you and your spouse together, acquired during the course of the marriage. Wisconsin law presumes that all property is marital property, meaning that it is your responsibility to prove otherwise if an item or asset is in dispute.
Your rights differ regarding individual and marital property, so it is important that you consult an attorney right away to safeguard what is yours.
How is our marital property divided between us during the divorce?
If you and your spouse do not have a valid prenuptial agreement dictating what is to happen with assets upon divorce, Wisconsin is a community property state, meaning that you and your spouse are each entitled to half of the marital property. What this means from a practical standpoint is that one spouse may receive property while the other is entitled to a cash distribution. While the law provides for an equal distribution, the judge may divide the property another way, based on consideration of factors such as:
The amount and duration of spousal maintenance, or alimony, must also be considered. There are many factors that may alter an equal distribution of property, and our experienced Milwaukee attorneys can explore those with you.
Should I be worried about losing part of my pension during my divorce?
Retirement plans can be subject to division during divorce, and it is important that you inform your divorce attorney about any and all retirement assets that you and your spouse currently hold. The court may look to divide your rights to a retirement plan by using a qualified domestic relations order or by assessing the expected benefits of a pension plan. These are often complicated determinations that require significant thought and consideration. Our attorneys are experienced in this process and can advise you on which option is best. Additionally, there are implications for members of the military holding a retirement plan, so you should be sure to inform us as to your service status.
Sorting your debt during the divorce
Just as assets must be divided during a divorce, so must debts that you and your spouse accrued during your marriage. When you are disclosing assets and property, you must also disclose any and all debts, regardless of whether you believe you should be responsible for paying them. The judge determines how responsibility for the various debts should be allocated between you and your spouse. Because many couples have marital debt, this can become a significant issue, and Hart Law Office can work to get you a fair distribution.
Trust our Milwaukee legal team to help you keep your valued property
Divorce can have a substantial financial effect on you, and we can help you safeguard your valued assets and property while keeping debt allocations equitable and fair. Call 414-436-3212 or contact us online today for your free initial consultation. We proudly serve divorcing families in southeast Wisconsin and look forward to meeting with you to explore your case. Our office is located in Milwaukee’s Historic Third Ward. Weekend and evening appointments are available.