What are the Exceptions to 50/50 Division of Assets in Wisconsin?

Question from Dyno Don, What are the Exceptions to 50/50 Division of Assets in Wisconsin?

Answer from AI:

In Wisconsin, the law generally presumes an equal division of marital property in a divorce. However, there are exceptions to this 50/50 split. The court may deviate from equal division based on a variety of factors. It’s important to note that this information is general in nature and may not apply to all situations. For personalized advice, it’s recommended to consult with a legal professional.

Factors Considered by the Court

Under Wisconsin Statute 767.61, the court may consider several factors when deciding whether to deviate from the 50/50 division. These factors include:

• The length of the marriage
• The property brought to the marriage by each party
• Whether one of the parties has substantial assets not subject to division by the court
• The contribution of each party to the marriage, giving appropriate economic value to each party’s contribution in homemaking and child care services
• The age and physical and emotional health of the parties
• The contribution by one party to the education, training or increased earning power of the other
• The earning capacity of each party, including educational background, training, employment skills, work experience, length of absence from the job market, custodial responsibilities for children and the time and expense necessary to acquire sufficient education or training to enable the party to find appropriate employment
• The desirability of awarding the family home, or the right to live therein for a reasonable period, to the party having physical placement for the greatest period of time
• The amount and duration of an order of maintenance or family support payment
• Other economic circumstances of each party
• The tax consequences to each party
• Any written agreement made by the parties before or during the marriage concerning any arrangement for property distribution
• The contribution of a spouse as homemaker
• Any other factor the court may see fit to consider

Property Not Subject to Division

Not all property is subject to division in a divorce. For example, property that one spouse owned before the marriage or received as a gift or inheritance during the marriage is often considered separate property and not subject to division. However, this can be complex and may depend on how the property was used or commingled during the marriage.

Consulting a Legal Professional

The division of assets in a divorce can be complex and the outcome can significantly impact your financial future. Therefore, it’s strongly recommended to consult with a legal professional who can provide personalized advice based on your specific circumstances.

For more information, you can refer to the Wisconsin Statutes or consult with a Wisconsin attorney.