Wisconsin Info
Wisconsin Divorce
Start Your Divorce
Find Professionals
Wisconsin Articles
Divorce Facts
Divorce Grounds
Residency
Divorce Laws
Mediation/Counseling
Divorce Process
Legal Separation
Annulments
Property Division
Alimony
Child Custody
Child Support
Divorce Forms
Process Service
Grandparent Rights
Wisconsin Articles
Custody & Visitation
Child Support
Collaborative Law
Divorce/General
Financial Planning
Mediation
Property Division
Spousal Support
Info Categories
Contemplating Divorce
Children & Divorce
Divorce, Dollars & Debt
Divorce Laws
Divorce Process
Divorce Negotiation
More Information
Articles Checklists Research Center Cases of Interest Dictionary Encyclopedia Encyclopedia (pop-up) Blogs
For Professionals
Advertise With Us Free Network Page Join Our Network Submit Articles Sign In Network Sites
|
Property Division
Recent Article List
In today’s booming economy, it is more and more common for divorcing couples to struggle with the valuation and division of a small business as part of the divorce process. Remember, even if the ownership interest is in the name of only one spouse, it may be marital if it was acquired, improved upon, or financed during the marriage.
Deferred compensation refers to pension plans, 401K plans, IRAs and other retirement assets.Such plans are divisible as part of a property settlement in divorce regardless of which party is named on the plan. How they are divided depends on the value and nature of the asset. Perhaps one of the worst scenarios in a divorce is when retirement assets are transferred to a former spouse but the original owner is liable for liable for the taxes, including penalties for early withdrawal.
Marital property laws in Minnesota and Wisconsin define the marital estate (community property) as any asset acquired during the marriage whether that asset is held in the name of either party or both. This specifically includes real estate, cars, pensions, 401K plans, business interests, stocks,bonds, stock options, dogs, cats, chairs, collectibles and bank accounts etc. Property that does not have to be divided in divorce is called non-marital property. Non-marital assets are generally defined as anything acquired by a spouse before the marriage, or during the marriage by gift, devise or bequest.
Divorce can have devastating financial consequence. During a marriage, you learn to budget based on a family income and on family debts. Some of the monthly expenses remain constant like mortgages and car loan payments. After a divorce, that budget changes. Income must now be stretched to cover expenses related to two residences instead of one. This can be very difficult, and if proper planning is not provided, it is not uncommon that a divorce ultimately results in the filing of bankruptcy for each party.
Navigate:
Home
States
Wisconsin Divorce Source
Wisconsin Divorce Articles, News and Resources
Property Division
In order to file for divorce in Wisconsin, one of the spouses must have been a resident of the state for six months, and in one county for 30 days, before filing for divorce in that county.
|
Terms & Conditions | Privacy | Cookie Policy | Do Not Sell My Information
Established in 1996
Copyright© 1996-. All rights reserved by MH Sub I, LLC dba 3StepDivorce.