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property division Archives

Protecting your credit in a divorce

There is a lot of talk about protecting finances in a divorce and separating assets. Few people in Wisconsin remember to focus on protecting their credit as well. Note that a divorce may not have a direct impact on credit scores. However, it may have indirect effects, especially when it comes to debt or open accounts couples shared together.

Financial mistakes to avoid when getting a divorce

When it comes to divorce in Wisconsin, trying to navigate financial separation can increase the tension. Sometimes the negative emotions arise from not just deliberately malicious behavior but financial mistakes on both parts. This can put the financial future of both parties at risk. If there are children involved, this can make matters even worse.

The assets that count as marital property in a divorce

When it comes to filing for a divorce in Wisconsin, the Date of Separation is important. According to Forbes, the DOS may be decided based on when one party moved out of the house, when the couple physically separated or when the person filing for divorce announced their intent. The DOS then helps couples and courts to decide what property counts as individual or marital assets.

How is art work divided during a divorce?

Whether you're a collector or an artist, works of art likely hold quite a bit of value you in your life. That's why it can be so difficult for divorcing couples to decide who gets what when the marriage ends. While the property division rules in your state will apply, Art Law Journal offers the following advice if you're concerned about valuable pieces falling into the wrong hands. 

Do you need a forensic accountant on your divorce team?

Anyone in Wisconsin who has ever gone through a divorce can probably attest that it can be a highly emotional, heart-wrenching process. However, once you take your emotions out of the equation, divorce is really about dividing your assets and debts so you can start rebuilding your life on your own. Increasingly, one or both parties in a divorcing couple are adding forensic accountants to their divorce teams to make sure they are well-positioned for a fresh financial start.

Items with sentimental value and property division

When marital property is split up, all sorts of different problems may arise. Some people may become very upset with the way in which marital property was split up, while others may suffer negative financial consequences. Moreover, losing property can have more than just a financial impact on someone, it can also have a strong effect on them emotionally. For example, items that have sentimental value may be especially difficult to lose, such as something that was given to a person by a relative who is now deceased.

Is Wisconsin a community property state?

When it comes to the distribution of marital property, there are many key terms that people should be aware of. For example, some states are community property states, while others are equitable division states. If you are planning on moving ahead with a divorce in Wisconsin, it is important to understand where this state stands on property division and many other divorce legal issues. In Milwaukee, and across all parts of the state, divorce can bring on a whirlwind of challenges, especially for couples who have kids or are approaching a high-asset divorce. However, the division of property can be especially difficult in some cases.

Complex property division and collaborative divorce

We have covered different issues related to the distribution of marital property on this blog, such as making preparations for property division and various examples of marital property. Some people, however, find themselves in a unique position when it comes to the division of marital property during divorce. For example, those with high assets may have an especially challenging time with respect to the marital property being split up. Not only may there be much at stake, but it could be unclear exactly how things will be divided. When it comes to complex property division, having a clear understanding of the best path forward is essential.

Reviewing examples of marital property

When it comes to divorce, there are a number of areas of concern that may be applicable to a couple's circumstances. For example, child-related legal issues can be emotional and challenging, such as disputes over custody and child support orders. The financial side of the divorce process can be confusing and very difficult for some people and the division of marital property is one of the key financial considerations surrounding divorce. Unlike non-marital property, which is not subjected to division, marital property is split up between two people who bring their marriage to an end.

Preparing for the distribution of marital property

People who have decided to move ahead with a divorce often have an array of questions and concerns, especially if they have children or are not very familiar with the divorce process. This is especially true for those with a significant amount of wealth, real estate and other assets. Property division can be an especially complicated facet of divorce and it is crucial to be prepared, whether you worry about losing property or are unsure about other financial impacts related to the end of your marriage (alimony, child support and so on).

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